Morgan Stanley’s Furber, a Friend of Fleming, Resigns
Less than a year after assuming a new position as head of institutional wealth management at Morgan Stanley, has resigned.
Her departure last week is the first by a senior wealth executive since division head Greg Fleming said three weeks ago that he was leaving.
Furber, who did not immediately respond to a request for comment on her decision, had long ties to Fleming. Both had worked at Merrill Lynch, where Fleming was an investment banker who rose during the financial crisis to the position of president while Furber served as head of investor relations and then as chief operating officer for Bank of America Merrill Lynch’s global corporate and investment banking.
Fleming was drafted in 2009 to run asset management and, ultimately, wealth management at Morgan Stanley by James Gorman, another Merrill executive who is now CEO of Morgan Stanley.
Furber joined Fleming in 2010 in the role of chief operating officer of the investment management unit’s long-only business. She subsequently ran a liaison unit between wealth and investment banking and then was promoted to COO of all wealth management.
In a reorganization of the world’s biggest retail brokerage firm (as measured by number of brokers) last March, Furber took on more line responsibility. As head of institutional wealth management she ran the Graystone consulting business for endowments and family offices, the retail division’s stock and retirement plan businesses, government entities and corporate cash. She also oversaw development of retail “digital platforms” and of the client advisory center for mass affluent clients.
A Morgan Stanley spokesman did not respond to questions about her departure or whether she will be replaced. Her responsibilities for digital products and technology had already been shifted by Gorman to company COO James Rosenthal when Fleming announced his departure plans.
Fleming is expected to remain an employee of Morgan Stanley until July this year, according to .