Morgan Stanley CEO to depart

Morgan Stanley Australia has confirmed to Industry Moves that long standing CEO, Steven Harker, will step down from his role and move into a vice chairman position with the firm at the end of the year.

Harker joined Morgan Stanley in 1998 and during his tenure oversaw Morgan Stanley's presence and operations in Australia increasing from 15 people to over 600 people. In 2015 he was inducted into the Stockbrokers Association Hall of Fame. He is currently chair of the Australian Financial Markets Association and a guardian of the Future Fund.

Harker's successor as CEO at Morgan Stanley will be current head of investment banking, Richard Wagner. The transition is expected to take place at the end of 2016.