Morgan Stanley is restructuring the investment management business by moving executives into new roles, the bank said in a memo on Thursday, as head Dan Simkowitz looks to improve the unit's structure.
Reuters reports that Michael Levy, who has held a number of senior roles across investment management, becomes the group's chief operating officer, according to a memo, the contents of which a bank spokesman later confirmed. Levy has worked at Morgan Stanley for 18 years.
David Heaton was named the new chief financial officer for investment management as well as head of strategy. Heaton joined Morgan Stanley in 2010 in the financial institutions group in investment banking and most recently had several roles within wealth management.
Investment management has roughly $400bn of assets under management and the firm is aggressively looking to grow the division as a more stable form of revenue compared to more volatile areas like trading.
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