Morgan Stanley Shifts Senior Management in New England
(Updated with number of advisors in the New England complexes.)
Morgan Stanley, which in April re-established New England as an autonomous sales region, has shaken up management of its Boston-area branches and their approximately 630 brokers.
Jeff Swartz, a complex manager who has spent all but a few months of his 30-year brokerage career with Morgan Stanley and predecessor Dean Witter, has broadened his domain to oversee a newly created “Boston complex” of three downtown branches, according to a memo that New England regional manager Rob Meredith sent to regional employees on Monday.
Swartz, who had been complex manager of the firm’s High Street location, adds two other legacy Smith Barney branches on 53 and 28 State Street. Swartz has managed the High Street office since 2006, according to his website. In his new role, he will oversee about 260 advisors.
Joe Malarney, the State Street complex manager who has spent his 34-year career with Morgan Stanley and predecessor firms Smith Barney and Lehman Brothers, will shift to oversee a new “Coastal New England” complex of six branches south and east of Boston, including two in Rhode Island. The branches house about 150 brokers.
Michael Hays will move from managing a branch in Middleton, Mass., which comes under Malarney’s new jurisdiction, to running the 53 State Street office now in Swartz’ jurisdiction, according to the memo. The office has about 90 brokers.
“There are significant growth opportunities in the New England market,” Meredith wrote in the memo. “In order for us to fully capitalize on these opportunities, it’s imperative that the region is structured to maximize our overall efficiency and productivity.”
Meredith, who had been a complex manager in Bethesda, Md., prior to the revival of the New England region, also will hire a separate branch manager to oversee private wealth management advisers in Boston and those with specialty businesses who service very wealth investors, according to the memo.
Meredith did not elaborate on the efficiencies he expects to achieve from the reorganization.
The southern New England complex that includes branches in Connecticut as well as Springfield and Wellesley, Mass, will continue to be managed by David Swartz, the Wellesley-based brother of Jeff who began his brokerage career in 2000 with Morgan Stanley. His complex includes about 220 advisors.
Morgan Stanley shuttered New England as a separate sales region in January 2017 as part of a reorganization that reduced its field structure from eight to six regions. With the restoration of New England, there are now seven regions.
Jeff Swartz, Mullaney and Hays, none of whom have disclosures on their BrokerCheck records, did not respond to requests for comment on their new mandates.