Embattled Morgan Chief, Execs Meet with Fidelity
April 11, 2005
Morgan Stanley CEO Philip Purcell, under pressure to leave the company, traveled to Boston earlier this month to meet shareholders, including Fidelity Investments.
Purcell, who was accompanied by new members of the investment bank's management team, declined to comment as he left the building on Federal Street where Fidelity's equity fund managers have offices.
The building is in the neighborhood of other managers that own Morgan Stanley stock, such as Putnam Investments and State Street Global Advisors.
In a statement, Morgan Stanley said that the purpose of Purcell's visit to Boston was to introduce the new management team and to discuss the company's recent reorganization. As of Dec. 31, Fidelity Management & Research Co., the parent company that oversees Fidelity mutual funds, owned 60.1 million shares, or about 5.4%, of Morgan Stanley stock, according to FactSet Research Systems.