Morgan Stanley Names Wealth Innovation Head – Financial Advisor IQ

Morgan Stanley has created a new “innovation” role in its wealth management unit, according to news reports.

The firm has named David Rosen, who currently oversees traditional investment products for its investment solutions division, as the new head of wealth management innovation, FA-IQ sister publication FundFire writes.

In his new role, Rosen — who joined Morgan Stanley in 2007 and has served in his current position since 2017— is tasked with finding new strategic acquisitions, partnerships and solutions, a person familiar with the move tells the publication.

He joins the firm’s analytics, data and innovation unit, led by Jeff McMillan, and will report to McMillan and Sal Cucchiara, head of wealth management technology, according to a company memo from Morgan Stanley co-president Andy Saperstein, who also heads the wealth management division, cited by FundFire.

Rosen’s duties also include developing partnerships with emerging technology and financial technology firms, Saperstein said in the memo, without specifying the companies, adding that Rosen will coordinate with business and technology teams on building “key projects” for the wealth management group, according to the publication.

Rosen’s newly created role comes on the heels of a series of recent acquisitions Saperstein said were aimed at scaling Morgan Stanley’s technology for advisors as well as clients, FundFire writes. That includes the 2019 acquisition of stock planning and workplace platform Solium, rebranded as Shareworks, the 2020 addition of E*Trade, and the 2021 acquisition of Eaton Vance and its affiliates, including Calvert and Parametric, according to the publication.

A Morgan Stanley spokesperson declined to give details on the technologies the firm may be looking to add, FundFire writes.

Meanwhile, Marc Dextraze is taking over from Rosen as head of traditional investment products, reporting to Ben Huneke, head of investment solutions, according to the memo cited by the publication.

Dextraze joined Morgan Stanley more than two decades ago and since 2017 led product development efforts across separately managed accounts, mutual funds, money market funds, exchange traded funds and 529 plans, FundFire writes.

Morgan Stanley has yet to announce a replacement for Dextraze, a spokesperson said, according to the publication.