Morgan Stanley Relationships Across Wall Street Snared in Probe

Bloomberg2022-02-18

Ever since his arrival after university in 2004, Pawan Passi has worked the phones inside Morgan Stanley, rising to become a chief communicator with investors buying and selling big blocks of stock, a...

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股惑仔79
2022-02-18
股惑仔79
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The bank had put Passi on leave. The feds were poking around.Indeed, Morgan Stanley and Passi are intertwined in a sprawling U.S. probe into whether bankers are improperly tipping off investors to stock sales large enough to send prices swinging, according to people with knowledge of the inquiries. Block trading is one of few Wall Street businesses where relationships still drive the flow of deals -- and now the ties spanning a wide range of firms are getting picked apart by investigators. No one has been accused of wrongdoing.“The equity capital trading universe is one of the last realms of the super-high-end wining and dining worlds in finance,” said James Koutoulas, chief executive officer of Typhon Capital Management, noting he has misgivings about the deals that can result.Passi’s frequent phone contacts and some of Morgan Stanley’s key clients are among a roster of more than a dozen executives at other investment firms and banks whose communications are being scooped up by the Justice Department for scrutiny, according to people with knowledge of the matter. In some cases, authorities are seeking access to online chats, mobile phone texts, emails and messages sent by apps, the people said, asking not to be named discussing the confidential demands.The list of people whose communications are being sought ranges from executives at prominent Wall Street hedge funds, such as Andrew Liebeskind at Citadel’s Surveyor Capital and Jon Dorfman at Element Capital Management, to money managers at smaller firms focusing on block trades, including executives at CaaS Capital Management and Islet Management, and a former employee at Segantii Capital Management, the people said.Bankers include Felipe Portillo, a risk executive within Credit Suisse Group AG’s equity capital markets group, Michael Daum, a partner at Goldman Sachs Group Inc., and Michael Lewis, the head of U.S. equities cash trading at Barclays Plc, the people said. Lewis worked at Morgan Stanley until 2018.The list of names doesn’t necessarily indicate their centrality to the probe, but is indicative of the broad net that’s been cast by regulators and prosecutors mapping out block-trading activities on Wall Street. Not every firm or executive named has been contacted directly by investigators.Representatives for the firms either declined to comment or didn’t respond to messages seeking comment on behalf of the executives. A spokesperson for the Justice Department also didn’t respond to requests for comment.Company LiferThe inquiries from investigators show they’re interested, in part, in whether any money managers placed well-timed bets before block trades that have the power to drive down prices, according to the people. Even then, it’s unclear who, if anyone, might be suspected of leaking any material non-public information or acting on it.Inside Morgan Stanley, Passi is described as well liked and usually low key -- not the archetypal Wall Street hothead. The 38-year-old is a lifer at the company, joining in the U.K., transferring to the U.S. in 2008 and even meeting his wife at the bank. During lulls, he’s known to talk soccer as a fan of Liverpool FC.Authorities have been going over recordings of his phone calls, Bloomberg reported earlier this week. They’re also scrutinizing communications involving at least three of his colleagues at Morgan Stanley: Evan Damast, its global head of equity and fixed-income syndicate, John Paci, a senior equities trading executive, and Charles Leisure on the syndicate desk. They and Passi haven’t responded to messages seeking comment.Block trading has grown increasingly competitive, and it’s all the more difficult when markets sell off, as they have in recent months. Price declines make current shareholders disinclined to unload slugs of stocks, leaving fewer opportunities for banks and the enthusiastic buyers who covet the offerings.For smaller hedge funds focused on block trades, such as CaaS Capital, good relationships with banks are all the more crucial, providing access to a stream of opportunities. CaaS talks up its efforts to work with partners in its online job postings.“CaaS feels strongly in providing liquidity -- Capital as a Service -- to our partners,” the firm writes in its boilerplate for applicants. Employees “pursue this objective with great vigor and energy.”Maintaining productive relationships with banks is a balancing act: Bankers need buyers willing to take hard-to-place shares. And those buyers have to decide whether the risk of buying them -- and losing money -- is worth it for staying in the flow and a potentially juicier deal in the future.Festering ComplaintsThe Securities and Exchange Commission, which is conducting its own parallel inquiry, has been concerned for years about potential abuses in the highly secretive world of block trading. But executives overseeing block trading privately express doubts that authorities will find anything amiss. Talks with investors about block trades often occur in legal gray areas, with bankers routinely canvasing prospective buyers about their hypothetical interest in specific stocks but taking care not to leak deals that are actually in the works.Among investors, complaints have long festered.Many fund managers grouse that they may be missing out on stock allocations in popular initial public offerings because bankers are more focused on cultivating relationships with longer-term investors or with other clients willing to buy into block trades.“The banks might save the best opportunities for their best revenue-generating clients,” said Typhon’s Koutoulas, who doesn’t participate in block trades and wants banks to find an alternative method for parceling out hot IPOs. “If you’re a hedge fund and you have the right banking relationship, you may get favorable allocation.”Sellers offloading blocks have long expressed frustrations about prices that slip just before the trade is executed, which reduces their proceeds. As the biggest block trader, Morgan Stanley is a favorite topic of scorn by envious rivals, where a declining stock price before a deal is sometimes derided as “the Morgan Stanley fade.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":638807910,"gmtCreate":1645162681191,"gmtModify":1645162681965,"author":{"id":"3577415105079753","authorId":"3577415105079753","name":"股惑仔79","avatar":"https://static.tigerbbs.com/2521bf7235578dd93b9e7d10c59d5058","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577415105079753","authorIdStr":"3577415105079753"},"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/638807910","repostId":2212642727,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7252025,"gmtCreate":1645162686686,"gmtModify":1645162686774,"authorId":3577415105079753,"author":{"id":3577415105079753,"idStr":"3577415105079753","authorId":3577415105079753,"name":"股惑仔79","avatar":"https://static.tigerbbs.com/2521bf7235578dd93b9e7d10c59d5058","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":638807910,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2212642727"}