Morgan Stanley latest giant to spin off prop trading unit

first_imgMonday 10 January 2011 9:09 pm KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For Share whatsappcenter_img Tags: NULL whatsapp MORGAN Stanley yesterday agreed a deal with Peter Muller, the head of its proprietary trading desk, enabling the unit to spin off into a separate company by the end of next year. Muller, who founded the desk when he joined the bank 18 years ago, will take the full team of 60 employees with him, to the new firm to be called PDT Advisors – standing for Process Driven Trading Advisors. Morgan Stanley plans to keep a stake in the firm and will continue to provide it with trading and prime brokerage services, but the move will allow PDT to find external investors for the company. The new arrangement follows a host of similar moves across Wall Street due to the Volcker rule – part of the Frank-Dodd reform act – designed to curb excessive risk-taking, by banning US banks from trading with their own money, and limiting their investments in private equity and hedge funds. Peer Goldman Sachs’s head of proprietary trading is leaving to set up a separate fund. Muller said yesterday he was “excited” about the move – which is likely to enable more adventurous trading strategies – than in its current form as part of a heavily regulated bank. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Morgan Stanley latest giant to spin off prop trading unit last_img