Tuesday, December 18, 2007

Morgan Stanley hires ex-Fidelity executive

Ellyn McColgan, a former senior Fidelity executive, is to become one of the top women on Wall Street after being appointed Morgan Stanley’s head of wealth management.

Ms McColgan will take over day-to-day responsibility for the wealth management arm from James Gorman, who was recently promoted to co-president of the group.

Ms McColgan, 53, who had been seen as a potential successor to Ned Johnson, chief executive of Fidelity, quit her post in August after Rodger Lawson was brought in over her.

She is credited with expanding Fidelity’s private client brokerage business to become the biggest in the US. Most recently, she was president of distribution and operations.

John Mack, Morgan Stanley’s chief executive, said that Ms McColgan was “the ideal executive to carry forward the progress that James Gorman and his team have made in transforming our global wealth management business into an industry leader”.

She would bring to Morgan Stanley’s management committee a breadth and depth of experience that was “unmatched in our industry”, he added. She will join the company in April.

The appointment of Ms McColgan – who was named by Fortune magazine as one of the 50 most powerful women in business last year – follows the ousting last month of Zoe Cruz as Morgan Stanley’s co-president. Ms Cruz was widely seen as the most powerful woman on Wall Street.

Other top women on Wall Street include Sallie Krawcheck, who runs Citigroup’s wealth management arm.


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