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Global chief mediator Morgan Stanley, Ed Keller, is stepping down from his role, the bank said in a statement to employees.
The move resulted in a $ 911 million distribution success in Morgan Stanley’s profits as a result of business with the collapsed Archegos Capital Management family office, though the bank said it was not connected and Keller would return to a new role after being treated for health issues.
“We wish Ed a speedy recovery and hope to have him in the office again soon,” the bank’s three shareholders, Alan Thomas, Gokul Laroia and David Russell, wrote in a memorandum sent late Monday.
Penny Novick and Kim Shaw will take on Keller as head of mediation.
After Keller’s planned return from the health issue, he will take a new consulting position with the bank’s major customers, according to the release.
The main banking brokerage departments include hedge funds and wealthy clients who offer a wide range of services. stock lending, leverage, and trading.
The potential risks to the business were highlighted in March by a chain of banks, including Morgan Stanley, that suffered heavy losses as a result of the Archegos explosion that managed the wealth of the family of former hedge fund manager Bill Hwang.
Morgan Stanley’s $ 911 million success it was smaller than some banks that were slower to exit positions. Credit Suisse in Switzerland lost more than $ 5 billion Japanese lender Nomura lost nearly $ 3 billion. Goldman Sachs escaped unharmed.
Keller joined Morgan Stanley’s brokerage business in 2009.
“Over the past 12 years Ed has been as responsible as anyone for the growth of our brokerage business and also for the return of our stock franchise to prominence,” Thomas, Laroia and Russell said in a statement.
Novick, 48, has recently been head of Morgan Stanley’s future and no-purchase derivatives clearing and Shaw, 49, has been the head of America’s main brokerage.
“Penny and Kim’s critical roles in the company and careers for more than 40 years will ensure that we continue to maintain our most important brokerage business within our core global brokerage franchise,” Thomas, Laroia and Russell wrote.
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