NEW YORK - Morgan Stanley (NYSE:MS) Co-President Andy Saperstein, who oversees a significant portion of the firm's operations, has announced to his colleagues that he is battling cancer. Despite the diagnosis, the 56-year-old executive plans to maintain his leadership responsibilities during his treatment. Saperstein's role is crucial for the company as he is in charge of driving the expansion of the wealth management division and managing the investment banking and trading sectors, which collectively contribute to more than half of Morgan Stanley's revenue.
This news comes on the heels of yesterday’s announcement that Jed Finn has taken over as head of Morgan Stanley's wealth-management business, which manages assets worth $4.8 trillion. Saperstein, who has been instrumental in the firm’s growth, shares a longstanding partnership with CEO James Gorman. Their collaboration dates back to their time reorganizing a prestigious investment bank and includes tenures at consulting giant McKinsey & Co., Merrill Lynch, and Morgan Stanley.
Saperstein, despite not ascending to the CEO position now held by Ted Pick, remains a key figure at Morgan Stanley. He works alongside Dan Simkowitz, who leads the investment banking segment of the business. The firm's leadership appears to be stable with these recent appointments and Saperstein's commitment to stay on board during his health challenges.
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