Morgan Stanley retail chief bullish on its brokers; But Gorman is surprised by the inexperience of retail managers.(News)

Investment News, May, 2006

Byline: Dan Jamieson IRVINE, Calif. - James Gorman is bullish on Morgan Stanley's retail-sales force. Its clientele and productivity compare favorably with that of competitors on several levels, said Mr. Gorman, who runs the firm's retail business. He made his comments at a meeting with analysts earlier this month in New York.

"I did not appreciate the level of the affluence of the client base'' before coming to the firm in February from Merrill Lynch & Co. Inc., Mr. Gorman said. Both firms are based in New York. The outside perception of Morgan Stanley's brokers is that they sell investments over the "kitchen table'' to lower-end investors, Mr. Gorman said. That perception is false, he said. Some 62% of the firm's assets are in...