Morgan Stanley to enter ETF market
Morgan Stanley's ETF platform is expected to introduce its first offerings later this year
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Morgan Stanley has revealed plans to break into the exchange-traded fund market with a new platform that plans to launch its first ETF offerings later this year and take on established rivals, including BlackRock and State Street.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MS | MORGAN STANLEY | 131.03 | -0.58 | -0.44% |
TESLA JUICES CONSUMER DISCRETIONARY ETFS ON STOCK SPLIT PLAN
"A first class ETF platform will further enable us to match our world class investment capabilities with the diverse set of investment vehicles our clients increasingly demand," Morgan Stanley managing director Daniel Simkowitz wrote in a memo to staff reviewed by FOX Business.
The Morgan Stanley logo is displayed on its Times Square building in New York on Oct. 18, 2011. (AP Photo/Mark Lennihan, File / AP Newsroom)
The investment bank currently has existing mutual fund offerings through its MSIM arm and its acquisition of Eaton Vance, as well as a private fund platform with over $200 billion in alternatives capital for clients.
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The memo notes that the initiative will be overseen by Morgan Stanley's new global heads of ETFs and ETF capital markets, Anthony Rochte and Allyson Wallace. Rochte will report to Morgan Stanley's managing director and co-head of strategy for investment management Anton Kuzmanov and Wallace will report to Rochte.
Prior to joining Morgan Stanley, Rochte co-headed Goldman Sach's Private Bank Select business. In addition, he previously served as Fidelity Investments' head of institutional investment and technology solutions, where he was responsible for building and leading the company's ETF business, and held senior roles at State Street and iShares.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,036.46 | +8.46 | +0.82% |
| STT | STATE STREET CORP. | 97.50 | +1.16 | +1.20% |
Meanwhile, Wallace comes from BlackRock, where she most recently was the global head of fixed income product architecture and platform for the iShares ETF platform. She also previously served as BlackRock's co-head of global markets for iShares Global Markets Americas and held various roles in Morgan Stanley's Institutional Equity Division and Deutsche Bank.
"Under Tony and Ally’s leadership, we will develop a robust ETF platform that supports ETFs across businesses, asset classes, jurisdictions and brands," Simkowitz added. "We will share further updates on this critical new initiative in the coming months."
Morgan Stanley's planned move into ETFs was first reported by Investment News.