Morgan Stanley Smith Barney has appointed managing director James Tracy as chief operating officer (COO) of distribution and development in wealth management in the US. Douglas Ketterer, his predecessor in the COO post, has been shifted to become head of approximately 300 private wealth advisers.

Mr Tracy responsibilities will include business development, professional development, talent management and national branch services.

Mr Tracy most recently served at Morgan Stanley Smith Barney as head of the consulting group. Previously he led national sales, professional development, marketing and recruiting for Citigroup’s global wealth management division, including the former Smith Barney. He began his career as a financial advisor and has served as a sales manager, branch manager and regional director.

Mr Ketterer joined Morgan Stanley in 1990 in corporate finance and subsequently took posts on the new-business side of investment banking and in product development at the firm’s investment management arm. Prior to formation of the joint venture with Smith Barney in June 2009, he led the products group of Morgan Stanley’s wealth management business.

Mr Tracy and Mr Ketterer will report to Andy Saperstein, head of wealth management in the US.

Mr Saperstein said: “In a career spanning over 25 years, Jim Tracy has demonstrated outstanding leadership in all aspects of wealth management. He helped build the industry’s leading investment advisory business and is committed to helping financial advisors achieve the highest levels of professional development. I look forward to working with him as we continue to build Morgan Stanley Smith Barney.”

Morgan Stanley Smith Barney, a provider of wealth management, offers a range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.