Morgan Stanley ’s Head of Prime Brokerage Edward Keller to Step Down

Morgan Stanley, a US-listed investment banking giant, announced that Edward Keller resigned from his role as Head of Prime Brokerage due to health issues, without disclosing any details on the exact issues.

Edward joined Morgan Stanley in 1994 and then was tasked with global prime brokerage business in 2009. He has been a veteran at the firm.

Penny Novick and Kim Shaw will succeed Edward as co-heads of prime brokerage. Novick and Shaw’s appointments mark the start for women to run the prime brokerage business at the Morgan Stanley. 

Shaw has been in Morgan Stanley for over 20 years. Currently, she also serves as Managing Director, Institutional Equities.

“Ed has been as responsible as anyone for the growth of our prime brokerage business and by extension for the return of our equities franchise to prominence,” Alan Thomas, Gokul Laroia, and David Russell, Morgan Stanley’s three global co-heads of institutional equities, said in the internal memo.

Furthermore, in a separate memo, Morgan Stanley clarified that Keller has plans to return to the bank as senior advisor once he recovers.

Shortly before, a competition to take over the reins of the prominent Wall Street investment bank was triggered, as it announced key leadership changes and the appointment of Ted Pick and Andy Saperstein as co-presidents.​