Morgan Stanley to join institutional, brokerage muni desks

|About: Morgan Stanley (MS)|By:, SA News Editor

Moving forward with promised initiatives (35 of them) for partnerships between its investment bank and brokerage, Morgan Stanley (MS -1.3%) will combine the municipal bond trading desks or its institutional and wealth-management units, reports Bloomberg, citing an internal memo.

"The joint venture will provide the broadest possible inventory and unmatched purchasing power," says the memo. "Combining our municipal inventory in a single balance sheet will enable us to enhance our risk-management discipline across the organization.”

These partnerships are one plank of CEO Gorman's hope to double firm ROE this year.