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Tuesday, July 13, 2010

Two Morgan Stanley Bigwigs Pack their Bags

News summary by MFWire's editors

Morgan Stanley is seeing changes in the top ranks of its asset management unit. The Wall Street Journal's Jenny Strausburg reported that two senior executives are preparing to depart six months into a new regime headed by Gregory Fleming, who joined the company to lead and restructure the unit.

Departees Stuart Bohart and Stephen Trevor were co-heads of the asset-management business prior to Fleming's arrival in February. Both reported to Fleming, who was hired by CEO James Gorman. Bohart, who was responsible for equity, fixed-income and hedge-fund investments, is reportedly in discussions about a potential new investment-management position outside of Morgan Stanley. And Trevor, who oversaw direct real-estate and private-equity investing within Morgan Stanley Investment Management, is also reportedly leaving this summer.

Fleming is charged with revamping the asset-management division, which is moving to focus more on institutional clients than smaller retail investors. Morgan Stanley last month finalized the sale of its retail asset management business, including Van Kampen Investments, to Invesco.  

Edited by: Hung Tran

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