Former Morgan Stanley star Greg Fleming is taking on a new venture

Greg Fleming, who has made a name as one of Wall Street's most well-known investment bankers and executives, will be leading a new firm.

Fleming, the former head of Morgan Stanley Wealth and Asset Management, is teaming up with Rockefeller Financial Services to form Rockefeller Capital Management, according to an announcement from the parent company Wednesday.

Once thought to be next in line to replace Morgan Stanley CEO James Gorman, Fleming left the firm in January 2016 reportedly after realizing he wasn't getting the job.

In his new position, he will serve as CEO of Rockefeller once the deal closes.

"There's a great platform that we can build from," Fleming said on CNBC's "Squawk on the Street." "But the story really is in the growth that we're going to add to the existing platform."

Rockefeller carries a well-known family name but is not generally considered one of the Street's more prominent firms. It specializes in high net-worth clients and handles money for foundations, endowments and institutions.

With Fleming aboard, the firm expects to grow into global equities, environmentally conscious investing and strategic advisory. Viking Global Investors will invest in the new business through one its funds.

"These are businesses I'm very familiar with," Fleming said.

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