Morgan Stanley Shuffles Wealth Management UnitMorgan Stanley Shuffles Wealth Management Unit

By Olivia Oran

June 2 (Reuters) - Morgan Stanley has shuffled itswealth unit, eliminating a layer of management and promoting twokey executives, according to a memo reviewed by Reuters onFriday.

The Wall Street bank named Vince Lumia, head of privatewealth management, its new head of the field. Lumia will reportto wealth co-heads, Andy Saperstein and Shelley O'Connor.

Mandell Crawley, the bank's chief marketing officer, willreplace Lumia as head of private wealth management.

The firm eliminated its divisional level with the goal offlattening the organization, naming former divisional heads BillMcMahon and Rick Skae as vice chairmen of wealth management.

A bank spokesman confirmed the contents of the memo.

Morgan Stanley saw its revenue from wealth management rise11 percent in the first quarter to $4.1 billion. The unit alsoposted a pretax margin of 24 percent, in line with a target setby Chief Executive James Gorman.

(Reporting by Olivia Oran in New York)