Bloomberg reports that the joint venture will be run by Patrick Haskell, 42, head of municipal securities for the firm’s fixed-income unit, and Eric Benedict, who leads capital markets for the brokerage, the bank said this week in an internal memo.
Morgan Stanley CEO James Gorman, 55, has said partnerships between the investment bank and brokerage will help the firm double return on equity by this year. In 2013, Morgan Stanley bought the remaining stake in the brokerage, which has more than 16,000 advisers and $1.91tril of client assets.
'For institutional and retail investors, the joint venture will provide the broadest possible inventory and unmatched purchasing power', according to the memo, written by Andy Saperstein, who oversees the brokerage’s investment products and services unit, and fixed-income co-heads Michael Heaney and Robert Rooney. 'Combining our municipal inventory in a single balance sheet will enable us to enhance our risk-management discipline across the organization'.
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