Ted Pick Wikipedia, Wife – Who is the New Morgan Stanley CEO?

Ted Pick wikipedia – The new CEO of Morgan Stanley has taken over after former incumbent James Gorman announced his intention to step down from the role.

Ted Pick was previously co-President of the firm and lands a long expected promotion. 

Fellow co-President, Andy Saperstein also takes over as the Head of Wealth and Investment Management.

James Gorman, who steps down as CEO, moves on to become Executive Chairman.

Ted Pick would also join Morgan Stanley’s Board of Directors – with all changes being effective January 1st 2023.

This has led to Ted Pick being catapulted atop the trends, with searches for Ted Pick wikipedia, Ted Pick wiki, Ted Pick wife etc flooding the interwebs.

Considering we only exist to serve, we present in this article Ted Pick wikipedia, wiki, biography, bio, wife, children, career etc – join us as we learn all there is to learn about Ted Pick, the new Morgan Stanley CEO.

Ted Pick wikipedia

Morgan Stanley co-President Ted Pick has been named as the company’s newest CEO, to take over from James Gorman – below is his wiki.

Edward ‘Ted’ Pick is 54 years old and graduated Phi Beta Kappa from Middlebury College where he studied liberal arts.

He was born to his father, Pablo Pick and an unnamed mother.

He comes from a finance family  with his father, Pablo owning investment company Blue Channel corporation.

Pick received his MBA from the Harvard Business School.

Ted Pick joined Morgan Stanley as an analyst in 1990 and was promoted to Managing Director in 2002. 

He is a member of the Firm’s Operating Committee (2012), Management Committee (2008) and the Morgan Stanley-MUFG Steering Committee (2013). 

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Having been at the same company for 3 decades, Ted Pick has naturally held several roles and this wikipedia article lays them all below.

He was Head of the Institutional Securities Group at Morgan

Stanley. In this role, he oversaw Investment Banking, Equities, Fixed Income, Global Capital Markets and Research.

Prior to that role, Ted served as Global Head of Sales and Trading, helping to engineer a turnaround of the Firm’s Fixed Income Division. 

As Head of Institutional Equities, he led that business to become the No. 1 franchise globally for at least five years.

Ted was previously Head of Equity Capital Markets, working on notable IPOs, including broadcast.com, Google, China Construction Bank and Blackstone, and helping the Firm actively raise capital during the financial crisis. 

Pick was promoted to Co-President at Morgan Stanley in May 2021 and announcing the news at the time, efinancial news noted he is destined to replace James Gorman as CEO.

“Among traders at Morgan Stanley, 52 year-old Pick will be the pick for Gorman’s replacement,” the site wrote.

“Eleven years younger than Gorman, he’s worked at the bank for over three decades and is credited with driving the trading rival that saw Morgan Stanley increase its fixed income trading revenues by 44% in the first quarter of 2021 – more than any other major bank in the market,”

The site also claimed Ted is ‘fun’, quoting a former colleague: “Ted just epitomises all the things we love about the place: very smart, very client-focused, fiercely loyal, but a fun guy to have around,” 

Ted Pick takes over Morgan Stanley

According to Yahoo Finance, Ted Pick got a rough welcome into his role as the firm’s stock fell more than 4% on the day of his earnings debut.

announced Tuesday that its profits fell 32% in the fourth quarter when compared with the same year-ago period. The decline was largely due to charges associated with a Justice Department settlement and a special assessment paid to the FDIC.

Revenue from wealth management was roughly flat from a year earlier, while revenues from investment banking and trading were up.

Reacting to the doom and gloom, new Morgan Stanley CEO Ted Pick said the division will eventually be able to hit pre-tax margins of 30%.

“Given some of the recent macro headwinds in our continued investments for growth, it’s reasonable to expect reported margins to consolidate in the mid-20s range over the near term,” Pick told analysts.

Pick added that he intends to build upon a structure already established by his predecessor, James Gorman, instead of remaking it.

“There is not a change in strategy,” he said.

Ted Pick net worth 2024

According to Wallmine, the estimated Net Worth of Ted Pick is at least $92 Million dollars as of 2024.

Mr Pick owns over 100,000 units of Morgan Stanley stock worth over $51,054,966 and over the last 4 years he sold MS stock worth over $30,035,300.

Ted Pick wife

Ted Pick is married to his wife, Betsey Kittenplan with whom he shares two daughters – Annabel and Louisa 13 as well as a labradoodle (Otto Bandito ).

The Pick family resides in New York.

Aside his many accolades, Mr. Pick is Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health and a board member of the Institute of International Finance.

He also serves on the Board of Trustees of the Metropolitan Museum of Art and is a Member of the Advisory Council for the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. 

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Morgan Stanley Announces New CEO

Morgan Stanley announced October 25th 2023 the appointment of a new CEO via a press release.

It read…

The Board of Directors of Morgan Stanley (NYSE: MS) today announced that Co-President Edward (Ted) Pick will become the Firm’s Chief Executive Officer, effective January 1, 2024. 

James Gorman will become Executive Chairman. Mr. Pick will also join Morgan Stanley’s Board of Directors at that time.

The Firm also announced that Co-President Andy Saperstein will become the Head of Wealth and Investment Management, and that Dan Simkowitz will become Co-President of the Firm and the Head of Institutional Securities.

Tom Glocer, Lead Director of the Board, said, “The Board has unanimously determined that Ted Pick is the right person to lead Morgan Stanley and build on the success the Firm has achieved under James Gorman’s exceptional leadership. 

“Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values. 

“Over James’ 14 years as CEO, Morgan Stanley has been transformed into a strong and balanced financial institution with a long-term sustainable business model. We are grateful for the tremendous impact he has had on our Firm and are thankful that as Executive Chairman we will continue to benefit from his experience and critical insight.”

Dennis Nally, Chair of the Compensation, Management Development and Succession Committee of the Board, said, “After undergoing a multi-year, intentional succession process, we determined that Ted Pick is best suited to be the next CEO of Morgan Stanley. 

“Ted has a deep knowledge of our businesses and understands what is needed to drive their growth. We are highly confident that he is the right person to lead Morgan Stanley and drive growth into the next decade.”

“The Board has been fortunate to have been able to draw from a number of excellent candidates. One of the things that sets Morgan Stanley apart is the quality and depth of our talent, and how they embody the Firm’s culture and values.”

Mr. Gorman said, “For several years I have worked with the Board to ensure an orderly succession, and I feel strongly that now is the time to step aside. The Board’s selection of Ted Pick is an outstanding one. I have worked side by side with Ted since the financial crisis and have experienced first-hand his values, intellect, passion and commitment to our people and our clients. 

“He is battle-tested, understands complex risk, and works very effectively not just in the U.S., but around the globe. In short, he is an outstanding executive and leader.”

“I am also delighted that Andy and Dan will take on expanded leadership roles. Both are world-class executives, with outstanding values and intellect. As Co-Presidents of Morgan Stanley, Andy and Dan will be invaluable leaders in helping Ted manage the Firm. Through the transition period and my time as Executive Chairman, I will do everything I can to support Ted as our new CEO.”

Ted Pick said, “Morgan Stanley is a storied institution, and I am deeply honored to have been chosen to lead it. We have a global diversified business with a leading client franchise. Thanks to James’ excellent leadership, our Firm is now well-positioned to succeed across market cycles, and I am excited about the opportunities for future growth. Morgan Stanley has exceptionally talented people and is home to a deep culture and abiding values. 

“I also want to thank the Board for the confidence they have expressed in me. I look forward to working closely with the Board, Andy, Dan, the rest of the management team and all our employees to continue to serve our clients and shareholders.”

Morgan Stanley 

The below has been culled from the Wikipedia entry for Morgan Stanley, who just named Ted Pick as new CEO.

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City.

With offices in 41 countries and more than 75,000 employees, the firm’s clients include corporations, governments, institutions, and individuals.[3] Morgan Stanley ranked No. 61 in the 2021 Fortune 500 list of the largest United States corporations by total revenue.

The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (a grandson of J.P. Morgan), Harold Stanley, and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act, which required the splitting of American commercial and investment banking businesses.

In its first year, the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements.

The current Morgan Stanley is the result of the merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997.

Dean Witter’s Chairman and CEO, Philip J. Purcell, became the Chairman and CEO of the newly merged “Morgan Stanley Dean Witter Discover & Co.”

The new firm changed its name back to “Morgan Stanley” in 2001.

The main areas of business for the firm today are institutional securities, wealth management and investment management. 

The bank is considered systemically important by the Financial Stability Board.

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