Morgan Stanley’s wealth management division reshuffled its executive team, appointing new heads to several key posts and bringing another pair of veteran investment bankers to the division.

The Wall Street firm appointed Vince Lumia as head of private wealth management, the group that advises Morgan Stanley's wealthiest clients, the firm told employees in a memorandum Monday. Lumia replaces Eric Benedict, who "informed us of his decision to leave Morgan Stanley to pursue other opportunities," wrote Gregory Fleming, the division's president in the memo.