Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, June 24, 2011

KKR hires Morgan Stanley strategist Henry McVey, (NYSE: MS), (NYSE: KKR)

Morgan Stanley (MS.N) strategist Henry McVey is joining private equity firm KKR & Co LP (KKR.N) as head of global macro and asset allocation, KKR said on Friday. McVey worked at Morgan Stanley for more than a decade, interrupted by a brief stint as a portfolio manager at Fortress Investment Group LLC. He was head of global macro and asset allocation for Morgan Stanley Investment Management (MSIM). McVey, who will be based in New York, will help KKR build out its global macro and tactical asset allocation business, the company said. KKR has assets under management of about $61 billion. Private equity firms have been expanding beyond their business model and in some cases are becoming large global asset managers with multiple products.

Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a group of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.98% or $-0.22/share to $22.13. In the past year, the shares have traded as low as $22.40 and as high as $31.04. On average, 13025100 shares of MS exchange hands on a given day and today's volume is recorded at 10088001.

KKR & Co. L.P.: NYSE:KKR quotes & news - Google Finance Source