Morgan Stanley's Trevor, Bohart to Leave Firm's Asset-Management Division

Stephen Trevor and Stuart Bohart, the former co-heads of Morgan Stanley’s asset-management unit, plan to leave the company seven months after Gregory Fleming was hired as president of the division.

Spokeswoman Alyson Barnes confirmed Bohart and Trevor’s plans to exit Morgan Stanley Investment Management and declined to comment further. The Wall Street Journal reported the departures earlier today.

The unit had pretax profit of $173 million in the first quarter, snapping eight quarters of losses on that basis. Morgan Stanley sold its retail asset-management business, including the Van Kampen funds, to Invesco Ltd. last month to focus on institutional funds.

Bohart, who oversaw the core asset-management business, had worked at Morgan Stanley since 1997. Trevor joined the firm in 2006 from Goldman Sachs Group Inc. to build Morgan Stanley’s newly established private-equity business. Both reported to Fleming, a former Merrill Lynch & Co. executive who was hired by Chief Executive Officer James Gorman in December.

Morgan Stanley said in a statement earlier today that it appointed Michael Kushma chief investment officer for global fixed-income in the bank’s asset-management unit. He will oversee the unit’s fixed-income strategies, the New York-based bank said.

Morgan Stanley also hired Sara Fuber as chief operating officer of the long-only business, Jim Janover as global head of risk for the investment-management unit and Lisa Jones as its global head of sales, according to the statement. The firm also hired Navtej Nandra to lead Morgan Stanley Investment Management International.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net.

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