New York Post – Morgan Stanley has created an all-star team of bond traders to wager its own cash in the market, a move that is raising eyebrows of its crucial hedge-fund clients.
Bond executives at Morgan told The Post the change will put clients’ needs first, rather than focus on longer-term trades for the investment bank’s own account, which is “kind of opposed to the idea of customer business,” according to one trader.
All told, about 30 of Morgan’s asset-backed bond traders, analysts and technology specialists are moving to a different floor at the firm’s headquarters.
A senior Morgan executive told The Post that feedback from mutual and pension funds “has been excellent. They are always concerned about us being distracted or putting ourselves first.”
