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Morgan Stanley’s head of prime brokerage resigns as a consequence of well being points By Reuters 

© Reuters. FILE PHOTO: Folks take pictures by the Morgan Stanley constructing in Instances Sq. in New York Metropolis, New York U.S., February 20, 2020. REUTERS/Brendan McDermid

By Elizabeth Dilts Marshall

NEW YORK (Reuters) – Morgan Stanley (NYSE:)’s world head of prime brokerage enterprise, Edward Keller, is stepping down as a consequence of a well being situation, in keeping with an inside financial institution memo despatched to workers.

Penny Novick and Kim Shaw have been named the brand new world co-heads of prime brokerage, in keeping with separate memo seen by Reuters.

Keller joined Morgan Stanley in 1994, and has labored within the prime brokerage enterprise since 2009. He beforehand ran world fairness gross sales for the financial institution within the Americas, in keeping with a profile of him on Northwestern (NASDAQ:) College’s Kellogg (NYSE:) College of Administration’s web site, the place Keller studied.

“Ed has been as accountable as anybody for the expansion of our prime brokerage enterprise and by extension for the return of our equities franchise to prominence,” in keeping with the memo, which was signed by the financial institution’s three world co-heads of institutional equities, Alan Thomas, Gokul Laroia and David Russell.

Novick and Shaw are the primary girls to be named to run the financial institution’s prime brokerage enterprise, which works with hedge funds and different huge traders.

Keller plans to return to the financial institution as soon as he has recovered in a senior advisory function, in keeping with the memo.

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