Morgan Stanley's money management biz finally lands its star exec

After months of searching for a star executive to lead its investment management unit, Morgan Stanley has finally found its man: former Merrill Lynch & Co. president Gregory Fleming. Mr. Fleming, who has been working at Yale University as a senior research associate since he left Merrill Lynch in January, will now serve as the president of Morgan Stanley Investment Management, and will also be responsible for Morgan Stanley's global research business. As InvestmentNews reported earlier this year, Morgan Stanley's incoming CEO James Gorman --who previously worked with Mr. Fleming at Merrill Lynch-- has been searching for an experienced executive to revive the firm's investment management business since at least January. The company has since offloaded the retail portion of its money management business in a deal with INVESCO Ltd. and is now more focused on the institutional marketplace. Mr. Fleming, who also served on the board of money management giant BlackRock Inc. until earlier this year, will now oversee the money management business and report directly to Mr. Gorman.