RJ and Makay

In a major change of leadership, Greg Fleming will replace Charlie Johnston as president of global wealth management at Morgan Stanley Smith Barney (MSSB). The change comes a year or so after Johnston took over as head of global wealth management at MSSB.

“Charlie Johnston has informed me of his desire to retire from the firm at the end of 2011 and spend more time on family and charitable pursuits," states an internal memo by Morgan Stanley’s president and chief executive officer James Gorman. "Charlie believes it is the right time to make this change.” Johnston will serve as vice chairman of Morgan Stanley Smith Barney for the next year, the memo adds.

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Morgan Stanley and Smith Barney completed their joint venture to become Morgan Stanley Smith Barney (MSSB). This creates the largest wealth management firm with 18,500 financial advisors, 6.8 million client households, 1,000 branch offices worldwide and more than a third of Registered Rep’s Top 100 Wirehouse Advisor List.