The US wealth management firm has annmounced a series of changes at the top.

Morgan Stanley has appointed Vince Lumia as the head of its private wealth management business, taking over from Eric Benedict, who is leaving after 19 years, media reports said.

Elizabeth Dennis will take the helm from Lumia as head of capital markets for the brokerage division, Bloomberg said, citing an internal memo sent by Greg Fleming, president of wealth management for the firm. Lumia had replaced Benedict in the capital markets role last May, when Benedict took the private wealth job. Reuters also cited an internal memo setting out Lumia’s appointment.

Lumia joined the bank in 1999 as a financial advisor. Dennis joined the US firm in 2001 and previously worked in the debt underwriting unit of the firm’s investment bank.

In a separate memo, Morgan Stanley said Jim Tracy, head of the consulting group, will become a vice chairman, newswires reported. His unit will be folded into a group called advisory platforms and solutions, which will be run by Jed Finn and Jason Moore.

The changes were first reported by the Wall Street Journal and a spokesperson confirmed the moves. Private wealth management at Morgan Stanley typically deals with customers who have a net worth of at least $20 million.