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Deals and People December 16, 2009
Keller to Head Morgan Stanley’s US Prime Brokerage
December 16, 2009 (PLANSPONSOR.com) - Morgan Stanley has designed a company veteran to run its U.S. prime brokerage business.
Reported by Nevin E. Adams
According to Reuters, Edward Keller, who currently runs equity-finance sales in the Americas, will also be responsible for the U.S. prime brokerage business. Morgan Stanley told employees about the news on Tuesday in an internal memo that was obtained by Reuters.
Keller, who joined Morgan Stanley 15 years ago and worked for the company in London and Boston, will report to Alex Ehrlich, who was hired away from UBS this year to head Morgan Stanley’s global prime brokerage business, according to the report.
The report notes that banks’ prime brokerage divisions have long been lucrative units as pension funds and endowments poured billions of dollars into the fast growing hedge fund industry over the last years – and that hedge funds often select two or three prime brokers to help them borrow securities and meet new investors.