Sunday, 7th September 2008

 

25 July 2008 - Press Briefing

Morgan Stanley in aggressive broker poaching spree

Morgan Stanley on Thursday said it is beefing up its global wealth management operations through aggressive hiring of brokers from Merrill Lynch and other rivals, according to a Reuters report.

"We've made no bones about the fact we are actively recruiting financial advisers," said Jim Wiggins, a spokesman for the Wall Street bank in the Reuters report, without commenting on a CNBC report that the firm was particularly targeting Merrill, which has been battered by growing credit losses.

Morgan Stanley’s wealth unit, led by James Gorman, has made a net 250 recruitments so far this year - far outstripping the figure of 232 for all of last year and a net loss of 380 in 2006, said the report.

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Russian tycoon Oleg Deripaska has raised his stake in the managing company of the emerging business district of Moscow City to 84% after buying out fellow oligarchs Prokhorov and Vladimir Potanin.

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