Morgan Stanley Shutters Chicago Prime Brokerage Biz

Feb 23 2009 | 12:56pm ET

Morgan Stanley has closed its Chicago-based prime brokerage unit, laying off some staff while offering others jobs in its New York offices, FINalternatives has learned.

Jeff Knupp, who ran the Chicago prime brokerage, declined the chance to move to New York with many of his team, a source told FINalternatives. It is not known how many of the other staffers accepted the Big Apple offer.

However, another source with knowledge of the situation said that Morgan is keeping its capital introduction unit up and running in the Chicago office.  

Morgan Stanley did not return calls before press time.

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