The Wall Street Journal reports that Morgan Stanley has tapped former Merrill Lynch President Greg Fleming, who joins as President of the firm's investment management unit. He will also be responsible for Merchant Banking.
Here's the memo to staff from firm CEO James Gorman:
'Last week we announced a number of key leadership appointments that will ensure we have the right people in the right roles to accelerate the momentum we have across Morgan Stanley's global franchise. Today we are continuing that important process with the announcement that Greg Fleming will be joining us as President of Morgan Stanley Investment Management, including Merchant Banking. Greg will also be responsible for Global Research. The heads of each of these businesses will report directly to him. He also will serve as a member of the Operating Committee and will report to me. Greg will join the Firm in February.
I'm fortunate to have previously worked with Greg for many years, and like so many others throughout the industry have great respect for his operating skills, his effectiveness in developing and executing growth strategies, and his ability to attract and develop world-class talent. Greg served as President and Chief Operating Officer at Merrill Lynch, prior to its acquisition by Bank of America. During his career, he also headed Merrill's Global Markets and Investment Banking Group and, before that, led the firm's Global Financial Institutions Group. Since leaving Merrill Lynch in January of 2009 after 17 years, Greg has been Senior Research Scholar and Distinguished Visiting Fellow of the Center for the Study of Corporate Law at Yale Law School, from which he graduated in 1988.
Greg is widely acknowledged as an expert on the asset management industry. He was a leading strategic advisor to asset management companies, and was a key player in industry milestones such as the combination of Merrill Lynch Investment Management with BlackRock. He then served as a director of BlackRock, which today is the world's biggest asset manager. Earlier, he also played an important role in the creation of the company that is now Invesco, our strategic partner in which we will soon hold a minority stake. During his time at Merrill, Greg was the driving force in the development of the firm's private equity and real estate principal investment businesses.
Given his proven record of leadership and accomplishment, Greg is ideally suited to help us continue to build on the progress we have made in our asset management and merchant banking businesses. In addition, with his intimate knowledge of the research function, he understands the role of analysts and the importance of content to a successful institutional and retail securities franchise.
Our objective in asset management remains unchanged: delivering superior performance and world-class solutions to our clients, returning this business to strong and consistent profitability, and rebuilding a best-in-class investment culture that is so critical to our future success. The announced sale of our retail asset management business to Invesco was a key step in that direction, and the addition of Greg to our management team is another equally important step forward.
Greg shares our vision of where we want to take these businesses and the entire Firm. He appreciates the power of the Morgan Stanley brand - and the content and intellectual capital it represents - and he shares the values at the heart of our culture. On a personal note, Greg is an extremely collaborative executive who works well with others and has long been committed to mentoring and developing young professionals.
Just as we have many talented internal executives in new roles, it is important to add world-class external talent where we see opportunities to strengthen the team. I am confident Greg will be an extraordinarily valuable addition to Morgan Stanley. Please join me in welcoming him to the Firm'.
Source - The Wall Street Journal