Morgan Stanley’s reversal of fortunes
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Morgan Stanley revives asset management
It’s extraordinary that John Mack and the Morgan Stanley brand are so intrinsically linked, given that he was away from the firm from 2001 to 2005.
In June, analysts at Bernstein Research produced a report on Morgan Stanley following a meeting with Mack. In a bullish investment conclusion, analysts Brad Hintz and Michael Werner said: "Investors do not look at Morgan Stanley as a simple restructuring play. Rather, we think Morgan Stanley stock is a wager on John Mack’s leadership."
Mack, in what many who used to work for him might consider a rare moment of self-effacement, says the Bernstein analysts give him too much credit. Mack wants to put more emphasis on the team he has in place this time around.
"We have great leadership skills across our senior management team. Zoe Cruz is doing a superb job in the institutional securities business. She has a great sense of risk and opportunity.