Morgan Stanley said Sunday it has named former Merrill Lynch & Co. President and Chief Operating Officer Gregory J. Fleming as head of its investment management business.
Fleming, 46, will join the bank in February, shortly after James Gorman takes over as president and CEO. In his role as president of Morgan Stanley Investment Management, Fleming also will oversee merchant banking and global research.
Fleming joined Merrill Lynch as an investment banker in 1992, and helped run Merrill's global markets and investment banking group before becoming president and COO in 2007. Fleming was a key player in the combination of Merrill Lynch Investment Management with money manager BlackRock Inc., where he served as a director. While at Merrill Lynch, he also oversaw the firm's private equity and real estate investment businesses.
Since departing Merrill shortly after the investment bank's controversial sale to Bank of America Corp. was completed in January, Fleming has served as a senior research scholar and lecturer in law at Yale Law School.
"I am fortunate to have previously worked with Greg for many years, and like so many others throughout the industry have great respect for his operating skills, his effectiveness in developing and executing growth strategies, and his ability to attract and develop world-class talent," Gorman said in a statement.
The appointment continues a management shake-up ahead of Gorman's assumption of the CEO role from John Mack on Jan. 1. Last week the New York-based bank elevated Chief Financial Officer Colm Kelleher to a new role as co-chief of investment banking and global securities trading, together with investment banking chief Paul Taubman. Ruth Porat, previously the global head of Morgan Stanley's financial institutions group, is taking over as CFO.