The Wall Street Journal reports that Morgan Stanley has named former Merrill Lynch & Co. President Gregory Fleming to run its investment management arm, citing people familiar with the matter.
According to the WSJ Fleming will have the title President of Morgan Stanley Investment Management and will oversee Morgan Stanley’s asset-management division, merchant banking and research units. Fleming, 46, is the first big hire for incoming Chief Executive Officer James Gorman, who takes over the day-to-day operations at Morgan Stanley on January 1. Gorman and Fleming worked together at Merrill Lynch before Gorman was hired to run Morgan Stanley’s wealth management business in 2005.
Fleming, who is a financial-services banker by trade, was described by the WSJ as “instrumental” in Merrill’s emergency sale to Bank of America, and he left the firm not long after the sale closed last January.