One of Morgan Stanley’s top gatekeepers, Paul Ricciardelli, has stepped away from leading day-to-day manager research to head a division focused on portfolio construction.
Ricciardelli had been co-head of the wirehouse’s Global Investment Manager Analysis (Gima) division, which is responsible for portfolio manager due diligence and building a high conviction list of top strategies.
He shared this position with co-head Alper Daglioglu, who has now taken sole leadership of the due diligence team, with Ricciardelli appointed head of Wealth Advisory Solutions.
In March this year Morgan Stanley set up Wealth Advisory Solutions, which houses a number of portfolio construction units including Manager Solutions, Equity MPS, Retirement Solutions, and Impact Solutions, among others.
Manager Solutions includes the $20 billion firm discretionary unified managed account program, a $5 billion range of subadvised strategies called Consulting Group Capital Markets funds, as well as multi-manager alternative offerings and income-oriented portfolios.
The role is not entirely new to Ricciardelli (pictured above), who had already focused heavily on portfolio construction over the last few years.
While co-head of Gima, since mid-2015 Ricciardelli was also head of Manager Solutions, a division focused on portfolio construction and firm discretionary models. This role has now been expanded to encompass a wider variety of portfolio offerings and will be his day-to-day focus.
Ricciardelli also retains responsibility over the Gima investment committee, which ultimately decides whether to add or remove managers from the wirehouse’s high conviction list.
Ricciardelli previously headed up manager research at Merrill Lynch before moving to Morgan Stanley in 2011.
To find out more about Ricciardelli’s new role and how Morgan Stanley selects managers and builds portfolios, look out for issue 25 of Citywire Professional Buyer.