Morgan Stanley Boosts Dublin, Frankfurt, Paris Offices on Brexit

(Bloomberg) -- Morgan Stanley President Colm Kelleher said the bank would boost its offices in three European Union cities as it seeks to relocate London-based roles after Brexit.

The firm will have its main legal center in Germany’s financial capital, but that doesn’t mean “resources will be going into Frankfurt other than in a sufficiently sized fashion to support that,” Kelleher said at a conference in Dublin on Wednesday. "We will have a multi-centered approach and that will be Frankfurt, Paris and Dublin.”

The bank plans to relocate some of its European broker-dealer business to the German city from London, while moving parts of its asset management operations to Dublin, a person with knowledge of the decision said in July. About 300 jobs will transfer to various cities across Europe, with around 200 going to Frankfurt, the person said.

Morgan Stanley will make decisions on staff moves “very early this year,” Kelleher added.

To contact the reporters on this story: Peter Flanagan in Dublin at pflanagan23@bloomberg.net, Gavin Finch in London at gfinch@bloomberg.net.

To contact the editor responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net.

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