Barton Biggs, chief global strategist at Morgan Stanley, will retire later this year, said Brett Galloway, spokesman. Mr. Biggs will be a consultant to the firm; he will also lead a new firm, Traxis Partners, which will manage a hedge fund portfolio to be launched by Morgan Stanley.
Narayan Ramachandran, managing director and a member of Morgan Stanleys asset allocation team, will become acting head of the firms global asset allocation group, formerly headed by Mr. Biggs. Mr. Ramachandran will continue as head of the firms emerging markets equities team. Mr. Galloway said the firm would not make any announcement about a permanent replacement for Mr. Biggs at this time.
Traxis is being co-founded with Cyril Moulle-Berteaux, a managing director of Morgan Stanley Investment Management, and Madhav Dhar, who was with Morgan Stanley Asset Management for 15 years until he left in 1999.