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Morgan Stanley Asia Prime Brokerage Chief Out
November 19, 2008
The head of Morgan Stanley’s Asia prime brokerage business is leaving the firm amidst worldwide job cuts.
Kurt Baker is out at Morgan Stanley, one of the largest prime brokerage houses in Asia. The firm’s prime brokerage was especially hard-hit by the hedge fund market jitters in the wake of Lehman Brothers Holdings’ collapse, when many thought that might be next.
Morgan has announced plans to cut 10% of its institutional securities staff, which includes prime brokerage.
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