Morgan Stanley moved its executives into new roles to restructure the investment management business, the bank has released announced on Thursday.
According to Yahoo News, the overseer of Morgan Stanley's merchant and real estate business within investment management, Ed Moriarty, is leaving the company. Meanwhile, Dan Simkowitz, the bank's head, is looking to modify and improve the structure of the unit.
The memo sent out on Thursday includes the name of Michael Levy, who managed many senior roles across the investment management and has now become the company's chief operating officer. Reuters reported that Levy has worked at Morgan Stanley for 18 years.
The new head of strategy and also chief financial officer for the investment management is David Heaton. He was noted to have held dozens of roles within wealth management after joining Morgan Stanley in 2010.
Morgan Stanley is all hands in improving the division as a more stable form of revenue compared to more unstable areas like trading. Currently, the management in the investment area is about $400 billion of assets
In 2013, Jacques Chappuis left Morgan Stanley for Caryle Group LP, but rejoined the global bank and will now be the co-head for the $50 billion multi-asset group and solutions with Rui De Figueiredo. Moreover, John Klopp will now be leading the team of real assets investing group, which includes real estate and infrastructure.
Morgan Stanley has offices in more than 43 nations, as reported by the Business Wire. It is one of the leading companies in the world in terms of providing financial services. Morgan Stanley's wide range of services include wealth management, investment management, investment banking, and securities. The company's employees serve customers globally, including governments, individuals, institutions, and corporations.
Reports say that the net revenue from the investment management of Morgan Stanley dropped by 15 percent to $2.3 billion back in 2015.
