The SEC's Joan McKown, the longtime chief counsel of the Division of Enforcement, will depart the agency to become a partner in the Washington office of the law firm Jones Day. During Ms. McKown's 24-year career at the SEC, she has played a key role in establishing various enforcement policies.

James Tracy has been appointed the chief operating officer of distribution and development for the U.S. arm of Morgan Stanley Smith Barney. Previously Tracy was the head of the firm's Consulting Group. Douglas Ketterer was appointed head of Morgan Stanley Private Wealth Management in the U.S., which serves clients with at least $20 million in investable assets. Mr. Ketterer previously served as the firm's chief operating officer of Wealth Management, U.S.. Both Ketterer and Tracy report to Andy Saperstein, head of wealth management in the U.S.

Robert W. Baird & Co. has appointed William Welsh to lead its San Francisco wealth-management office. Welsh was previously a regional sales manager at Wells Fargo Private bank in San Francisco.