Financial Biz Update: Morgan Stanley Resists Recruiters, MetLife Launches New Unit

Morgan Stanley (NYSE:MS) seems to have fought off attempts to recruit a number of its high-producing brokers by other companies. The number of wealth managers shrank by 105 to 16,800, but annualized revenue/adviser rose, implying that those who did leave had smaller books.

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The insurer Prudential Financial (NYSE:PRU) might end up seeing itself labeled as systemically important, having advanced to stage 3 of evaluation by a group that is led by Tim Geithner. If the firm is classified as such, any returns of capital to shareholders would be have to be approved by the Federal Reserve.

MetLife (NYSE:MET) introduces MetLife Investment Management, which is its asset management unit targeted at grabbing a share of the growing market for private-placement debt. Division chief Scott Inglis remarked that compared to public bonds, private fixed-income assets mount up ‘quite nicely from a risk-reward perspective’.

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