Morgan Stanley global head of prime brokerage Edward Keller is reportedly stepping down from his position.
Keller, who was promoted to the position in January 2020, is resigning from his role to deal with a personal health issue, Financial Times reported citing an internal memo sent by the bank.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Morgan Stanley’s prime brokerage division recently reported a $911m hit from the collapse of family office Archegos Capital Management.
The bank, however, refuted any connection between Keller’s resignation and Archegos loss and said he would return to a new role after dealing with a health issue.
Upon his return to the office, Keller is expected to assume a new senior advisory position at the bank.
Morgan Stanley co-heads of equities Alan Thomas, Gokul Laroia and David Russell said in the memo: “We wish Ed a very speedy recovery and look forward to having him back in the office soon.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataKeller will be replaced by Penny Novick and Kim Shaw as global co-heads of prime brokerage, which caters to trading clients, including hedge funds.
The duo would be the first women to head the division globally.
Novick was most served as Morgan Stanley global head of futures and over-the-counter derivatives clearing, while Shaw was co-head of prime brokerage in the Americas.
Thomas, Laroia, and Russell said in the memo: “Penny’s and Kim’s combined 40-plus years at the firm and the critical roles they have held throughout their careers within our global prime brokerage franchise will ensure we continue to sustain our leading, world-class prime brokerage business.”
Morgan Stanley reported record net revenues and net income in Q1 2021, beating estimates, with growth across all its business lines mainly investment banking.
The New York-based investment bank registered a net income of $4.12bn, or $2.19 a share, compared to $1.7bn, or $1.01 a share, in the prior year.
