Morgan Stanley, owner of the world’s largest brokerage, named Colm Kelleher to lead operations in Europe, the Middle East and Asia outside Japan, while Paul J. Taubman will take on responsibility for Latin America and Japan.
Both Kelleher, 53, and Taubman, 50, will remain co-presidents of the firm’s institutional securities group, according to an internal memo from Chief Executive Officer James Gorman obtained today by Bloomberg News. Mark Lake, a Morgan Stanley spokesman, confirmed the contents of the memo.
Morgan Stanley generated 20 percent of its revenue in the first nine months of 2010 from Europe, the Middle East and Africa, and 10 percent from Asia. Expanding internationally is a “key priority” for the firm, and much of its hiring has been in emerging markets, Kelleher said in a presentation in May.
Kelleher will relocate to London as part of the changes. Walid Chammah, the bank’s former co-president, will retain his title of chairman of Morgan Stanley International.
Morgan Stanley earlier this week named Jim Rosenthal as its chief operating officer to succeed Thomas Nides, who left to take a position in the U.S. State Department.