Greg Fleming, who runs Morgan Stanley’s wealth management franchise and its investment management business, is planning to expand the firm’s $373-billion investment franchise known as Morgan Stanley Investment Management by making new acquisition.
A report in qz.com quoted him as saying, "If there was a business or a platform that would make sense for us, that would fit into our culture, that would add some bulk and some good portfolio management talent, we would look at doing that."
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Fleming is planning to expand the firm’s investment management platform by a third over the next two years, to about $500 billion, and also hit returns of 20%, according to the publication.
The move comes as major banks are de-emphasizing trading amid new US regulations such as the Volcker Rule.
However, Fleming added that the acquisitions are not inevitable.
The move signal a shift in strategy of the firm as the bank suggested three years ago that it is neither considering acquisitions nor hiring new staff for wealth management division.
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