CorporateMorgan Stanley ropes in Merrill Lynch's Fleming
Financial services major Morgan Stanley has appointed Merrill Lynch President and Chief Operating Officer Gregory J Fleming to head its investment management group.
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The 46-year old Fleming would join the company as president of Morgan Stanley Investment Management, which also includes its merchant banking business. He would also be responsible for global research, Morgan Stanley said in a statement yesterday.
He would report to James P Gorman, who becomes chief executive officer and president of Morgan Stanley in January, while Fleming will be joining the firm in February.
The move comes week after Morgan Stanley had announced to restructure its top management, which includes finance chief Colm Kelleher and veteran banker Paul Taubman taking charge of the company"s institutional securities unit.
Fleming had served the role of president and chief operating officer of Merrill Lynch from June of 2007 to early 2009.
"I have long admired Morgan Stanley as a pre-eminent global franchise, with a terrific brand, deeply rooted partnership culture and strong leadership team. I am looking forward to joining the firm and doing whatever I can to help my new colleagues build on their current momentum," James said.