Nov. 17 (Bloomberg) -- Morgan Stanley, owner of the world’s largest brokerage, hired Richard Lindquist from Guggenheim Partners LLC as head of high yield in its asset-management business.
Lindquist will oversee about $1.7 billion in assets and report to Michael Kushma, chief investment officer for global fixed-income, according to an internal memo obtained today by Bloomberg News. Matt Burkhard, a spokesman for New York-based Morgan Stanley, confirmed the contents of the memo.
Greg Fleming, who took over as head of Morgan Stanley Investment Management last year, identified high-yield investing as one of the unit’s most significant product gaps. The division’s revenue is down 20 percent in the first nine months of the year, as a 16 percent increase in traditional asset- management revenue has been outweighed by declines in real- estate investment and merchant-banking revenue.
Lindquist will be a senior member of MSIM’s fixed-income strategy team, according to the memo. He was co-head of U.S. high yield at Guggenheim since 2009, and previously worked at HSBC Holdings Plc and Credit Suisse Group AG.
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