With the news that its chief equity strategist is joining a hedge fund, Morgan Stanley says Mike Wilson — now chief investment officer for its wealth management unit — will also be its chief U.S. equity strategist.
Wilson will replace Adam Parker, who is moving to Eminence Capital to become its director of quantitative strategy. Parker had been in a similar role at Morgan Stanley.
The new equities chief, who has been with Morgan Stanley since 1989, also will serve as chief investment officer of institutional securities.
The firm confirmed the executive shifts, which were first reported by Reuters.
Other Morgan Stanley News
Earlier this week, reports surfaced that Morgan Stanley is mulling a relocation of its headquarters from Times Square to Hudson Yards.
The move could mean the wirehouse — which has about 15,760 advisors — would share a 58-story building with BlackRock, the Wall Street Journal says.
Morgan Stanley, which is led by Chairman & CEO James Gorman, appears to be eying about 2 million square feet of space at 50 Hudson Yards, located at 10th Avenue and 33rd Street in Manhattan.
“We routinely review potential options for upgrading our workspaces,” a spokesperson said in a statement. “As we consider plans to continue to upgrade our current office space, we are also in the very early stages of evaluating potential alternatives. We anticipate a lengthy timeline before any decisions are made.”
On Tuesday, the Securities and Exchange Commission said Morgan Stanley will pay $8 million to settle charges related to inverse ETF investments the firm recommended to advisory clients.
According to the SEC, Morgan Stanley “did not adequately implement its policies and procedures to ensure that clients understood the risks involved with purchasing inverse ETFs.”