Morgan Stanley is planning to launch an exchange-traded fund platform this year, joining a growing industry on Wall Street and continuing its push into asset management.
Daniel Simkowitz, Morgan Stanley's head of investment management, announced the move in a memo this week.
"A first class ETF platform will further enable us to match our world class investment capabilities with the diverse set of investment vehicles our clients increasingly demand," the memo said.
The move was first reported by Investment News.
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The memo said that the firm is hiring Anthony Rochte from Goldman Sachs as Global Head of ETFs and Allyson Wallace from BlackRock as Global Head of ETF Capital Markets.
Morgan Stanley has existing mutual fund offerings through its MSIM arm and Eaton Vance, which it acquired in 2021.
Shares of Morgan Stanley were up 1.2% on Tuesday.