Morgan Stanley’s Kelleher Sold $2.5 Million in Stock This Year
Colm Kelleher, who runs Morgan Stanley’s investment banking and trading division, sold $1.34 million of the firm’s stock yesterday, bringing his total sold in 2013 to $2.53 million.
Kelleher, 55, disposed of 58,555 shares at an average price of $22.87, according to a regulatory filing today. The sales this year amount to 23 percent of Kelleher’s holdings of Morgan Stanley stock. He still owns 306,262 shares and last month received options to buy 445,425 shares at $22.98 apiece.
Morgan Stanley’s stock has jumped 22 percent this year as fourth-quarter profit exceeded analysts’ estimates and Chief Executive Officer James Gorman announced plans to double the firm’s return on equity even without an improvement in markets. The shares climbed 26 percent last year, after tumbling 44 percent in 2011.
Kelleher’s first share sale of the year came on Jan. 22, when he liquidated $1.19 million of stock. That same day he received the options, which are valued at $2.41 million and vest over the next three years. Kelleher didn’t receive a cash bonus for 2011 or 2012.
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