Morgan Stanley Investment Management will look at liftouts of top-quality investment teams from other firms to fill gaps in its core long-only asset management business, according to Gregory J. Fleming, president of MSIM.
Speaking Tuesday at the Bank of America Merrill Lynch 2010 Banking and Financial Services Conference in New York, Mr. Fleming said he preferred finding “quality teams that fit into the culture” to fill out the firm’s investment strategy lineup, such as value equities or high-yield bonds, as opposed to going out and buying existing platforms.
Mr. Fleming said his first task upon taking the helm in February had been assembling the right leadership team, with hires such as Jeff Shames as senior adviser and Lisa Jones as managing director and global head of sales.
Investing in MSIM’s $249 billion core business — including its long-only strategies – is “the backbone of what I’m trying to do at MSIM,” Mr. Fleming said.
