- March 2, 2010 - Another Senior Departure From Morgan Stanley's Wealth Arm
Nandu Patel, a managing director at Morgan Stanley, is leaving the Wall Street bank, WealthBriefing has learnt.
Mr Patel is believed to be a 20-year veteran of the firm and a managing director at its wealth management arm. It is as yet unclear where he may be going.
- February 25, 2010 - ETF Securities Adds To Forex Trading Choices For Investors
ETF Securities, which provides a variety of exchange traded fund vehicles, is to list 10 new Euro-based currency ETCs on the Deutsche Börse in the coming weeks, underscoring how private investor access to currency market trading is widening.
The firm already has more than 114 Commodity ETCs and 11 ETFs listed on Germany’s Xetra market, totalling approximately $1. 5 billion of local investment and close to $200 million weekly trading volume on Xetra.
- February 25, 2010 - Morgan Stanley MD To Go To Rothschild In Trio Of Appointments
Rothschild Private Banking & Trust has appointed a pair of veterans of Morgan Stanley’s Private Wealth Management division as managing directors in its UK private banking business, WealthBriefing can exclusively reveal.
Both Helen Watson and Mark Kary spent 19 years with Morgan Stanley Private Wealth Management, although only the former will join Rothschild directly from the Wall Street bank.
Ms Watson’s departure from Morgan Stanley, where she had been a managing director since 2005, was reported by this publication yesterday, at which point details of her ne.
- February 24, 2010 - Morgan Stanley Sees Veteran Banker Depart
Morgan Stanley’s UK private wealth management arm has seen the departure of Helen Watson, latterly a managing director based in London, WealthBriefing has learnt.
Ms Watson is believed to have joined the Wall Street bank’s private wealth management arm in 1991, subsequently serving as a portfolio manager within its investment group between 1998-2002 and going on to be appointed as a managing director of Morgan Stanley in 2005.
Details of Ms Watson’s next role have yet to emerge.
- February 23, 2010 - Morgan Stanley Expands Investment Management Team
Morgan Stanley has expanded the leadership team at its investment management business with the appointments of Jeffrey Shames as a senior advisor and Edmond Moriarty as chief operating officer.
Mr Shames was formerly chief executive officer and chairman of MFS Investment Management, positions which he retired from in 2002 and 2004 respectively. He is now responsible for strategy across all business areas at Morgan Stanley Investment Management, and also takes on the role of senior advisor at the firm’s global research division.
- February 19, 2010 - Private Banker Leaves Morgan Stanley
Sigadur Arngrimsson, a private banker specialising in the Scandinavian market, has resigned from Morgan Stanley, WealthBriefing understands.
Mr Sigadur's future plans are unclear. Rumours that he is to join Merrill Lynch are understood to be incorrect.
- February 16, 2010 - Morgan Stanley Adds To PWM Team In UK With Hire From HSBC
Morgan Stanley’s private wealth management business has appointed former HSBC manager Heather Roper as an investment advisor for the UK.
Based in London, she will focus on UK clients as the firm expands its business in the EMEA region, Morgan Stanley said yesterday.
In her previous job, Ms Roper was an associated director at HSBC’s global markets group, where she was responsibile for the development of structured solutions for a range of clients, including private banks and family offices.
- February 15, 2010 - RBS Hit By Resignations, Property Losses
Royal Bank of Scotland, parent of UK private bank Coutts, has been hit by more troubles in recent days, as two of RBS’ most senior bankers have resigned due to frustration over the bonus policy of the partly state-owned bank, according to the Daily Telegraph.
Steve Ashley, who heads up RBS's lucrative trading division, and Chris Fleming, a senior salesman, quit the bank on Friday last week. Mr Ashley and Mr Fleming are thought to have been offered jobs elsewhere but their decision to leave is believed to stem, at least in part, from dissatisfaction that RBS is being forced to scale.
- February 12, 2010 - UBS Faces Headwinds In Recovery Battle - Morgan Stanley
UBS, which earlier this week reported a rise in profits but a continued heavy outflow of client funds, will face further “headwinds” as it tries to turn around its fortunes, according to analysts at Morgan Stanley.
Morgan Stanley, which has an “equal weight” stock recommendation on UBS’s stock, has a SFr15 price target on the Zurich-listed bank. There is a forecast price-earnings ratio of 10.
- February 12, 2010 - Obama Proposals Mean Some Firms Must Give Up Bank Status - Volcker
Goldman Sachs and other banks should surrender their bank status if they want to avoid a proposed US ban on proprietary trading, Paul Volcker, head of president Barack Obama’s Economic Recovery Advisory Board, said according to the Financial Times.
Mr Obama has proposed curbs on the size of banks and the idea of splitting the proprietary trading activities of banks – blamed by some for fuelling the financial crisis – from the deposit, retail arms of banks. The idea, if it becomes law, would represent something of a return to the Glass-Steagall legislation that prevailed in the US be.
