Marc Brookman, Longtime Head of Morgan Stanley’s Graystone Unit, Resigns
Marc Brookman, an executive at the lucrative “consulting group” money-management unit that Morgan Stanley inherited from Smith Barney, is leaving the firm to join the U.S. arm of Schroders PLC, the British asset management firm.
Brookman was head of Institutional Wealth Solutions, which sells corporate executive stock plan, cash management, 401(k) retirement plan and money management services to companies, partnerships and nonprofit organizations, foundations and municipalities. Morgan Stanley Chief Executive James Gorman has called the lucrative “consulting group” business one of the crown jewels of the Smith Barney acquisition.
“We are committed to our Institutional businesses and believe they represent a significant growth opportunity for Morgan Stanley,” Wealth Management Chief Operating Officer Jed Finn and retail brokerage force head Vince Lumia wrote in a memo announcing Brookman’s decision on Thursday.
“Please join us in thanking Marc for his years of service and contributions. We wish him well in his future endeavors.”
Brookman will be joining Schroders Investment Management North America as its deputy chief executive officer, according to people familiar with his plans.
The executive, who joined Smith Barney in 2004, according to his BrokerCheck history, did not return calls for comment left at his office phone. A Schroders spokeswoman did not return requests for comment.
Brookman’s dominion at Morgan Stanley included Graystone Consulting, a unit of about 54 advisor teams offering advice and products to foundations, non-profit organizations, state treasurers, public employee unions and small companies. Graystone advisors often land on industry “Top Broker” lists because of the large amount of assets they help oversee. One of those advisors, Phil Schaffer, left Graystone last summer.
Signaling that Brookman’s departure was unexpected, his responsibilities will be split between consulting group head Jim Tracy, his boss, and newcomer Brian McDonald, who joined from Charles Schwab in December to oversee the stock plan business, according to the memo.
Tracy will oversee Graystone, corporate cash and government entities, while McDonald will add corporate retirement and ‘workplace wealth’ to his current role as head of the corporate equity solutions group. Tracy will continue to report to Finn while McDonald will continue to report to Lumia, the memo said.
In another shift, the firm named Maura Coolican to lead an integrated sales distribution team across all the wealth group’s institutional businesses. Rosalie Berman, who oversees practice management programs, has been given the additional job of “driving partnering, teaming, efficient lead management, and client relationship optimization” in the institutional group, the memo said.
Brookman began his career as a wholesaler at Putnam Investments in 1988, according to his LinkedIn profile. He joined Oppenheimer Capital in a sales role in 1991 and worked at United Asset Management and New York Life Investment Management before joining Smith Barney in 2006, according to the profile.