(Bloomberg) — Morgan Stanley Co-President Andy Saperstein has been recognized with most cancers and plans to maintain working as he begins to obtain therapy.
“I’m younger and in in any other case good well being,” Saperstein, 56, mentioned in a memo to workers Tuesday. “That offers me nice confidence as I start the method of beginning therapy so I can get better from this sickness and put all of it behind me. Whereas my journey could also be restricted in the course of the interval of my therapy, I plan to proceed working to verify Morgan Stanley stays on our nice path ahead.”
Saperstein was one in every of three candidates to take over for outgoing Chief Govt Officer James Gorman, a job that in the end went to Ted Choose final month. In a uncommon transfer for Wall Road, the 2 males who missed out on the highest job agreed to remain on, with Dan Simkowitz changing Choose as co-president main the investment-banking and buying and selling division and Saperstein gaining oversight of the agency’s asset-management enterprise along with his function main wealth administration.
These two divisions have grown considerably over the previous decade and produced roughly 57% of the agency’s income within the first 9 months of this 12 months. They handle a complete of $6.2 trillion in consumer belongings. On Monday, New York-based Morgan Stanley named Jed Finn head of the corporate’s $4.8 trillion wealth-management enterprise, giving him oversight of the most important income generator on the agency.
Saperstein, who was charged with increasing the agency’s wealth-management juggernaut, has labored below Gorman at three companies throughout three a long time, beginning at consulting big McKinsey & Co. earlier than becoming a member of him at Merrill Lynch after which Morgan Stanley, the place they overhauled the white-shoe funding financial institution.
Prime banking executives have a protracted historical past of constant to work throughout therapy after receiving most cancers diagnoses. Barclays Plc CEO C.S. Venkatakrishnan oversaw the agency from residence throughout three months of therapy for non-Hodgkin lymphoma, then instantly returned to the workplace earlier this 12 months. Lloyd Blankfein ran Goldman Sachs Group Inc. whereas present process chemotherapy for lymphoma in 2015, and JPMorgan Chase & Co. head Jamie Dimon acquired therapy for throat most cancers in 2014. Each males introduced their remedies had been profitable inside about six months.