Gregory Fleming, president of Morgan Stanley Investment Management, will replace Charles Johnston as president of global wealth management at Morgan Stanley.
Mr. Fleming will continue to lead the asset management business, according to an internal memo obtained by Bloomberg News on Thursday and confirmed by Jeanmarie McFadden, Morgan Stanley spokeswoman.
Mr. Johnston will serve as vice chairman of Morgan Stanley Smith Barney before retiring at the end of 2011.
Jack DiMaio, head of interest rate, credit and currency trading, will leave the firm, according to the memo. Ken deRegt, the firm's chief risk officer, will become global head of fixed-income sales and trading, excluding commodities.
Keishi Hotsuki, Morgan Stanley's head of market risk, will serve as the interim chief risk officer, according to the memo.