Morgan Stanley (NYSE: MS) has hired Felix Scherzer from Citigroup, Inc (NYSE: C), an investment banker that advised financial companies including American International Group Inc.
Scherzer joined Morgan Stanley on Aug. 6th, according to data from the Financial Industry Regulatory Authority. Morgan Stanley (NYSE: MS) Spokeswoman Mary Claire Delaney confirmed the hire and said that he will be a managing director in the firm’s financial institutions group.
Before joining Morgan Stanley (NYSE: MS), Scherzer was part of Citigroup, Inc (NYSE: C)’s team that advised AIG to sell its $15.5 billion American Life Insurance Co. unit to MetLife Inc. Scherzer also counseled AIG on its $35.5 billion deal to sell another division to Prudential Financial. However, the transaction collapsed after Prudential’s shareholders opposed the buyout.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. In May 2010, Invesco Ltd. acquired the Company’s retail asset management business. During the year ended December 31, 2009, it disposed its former real estate subsidiary, Crescent Real Estate Equities Limited Partnership. On May 31, 2009, the Company and Citigroup Inc. (Citi) consummated the combination of the Company’s Global Wealth Management Group and the businesses of Citi’s Smith Barney in the United States, Quilter in the United Kingdom and Smith Barney Australia. The combined businesses operate as Morgan Stanley Smith Barney Holdings LLC.
Shares of Morgan Stanley (NYSE: MS) traded down 0.77% on Monday ending at $25.70.
