Investment banking giant Morgan Stanley has listed job postings that reveal the company’s future crypto plans. The leading investment bank and wealth management firm is looking to hire a product development manager focusing on creating new crypto products in multiple business divisions.
Morgan Stanley hints at crypto expansion in new job posting
Morgan Stanley posted the job opening on a LinkedIn post on August 1. The product development manager will be part of the firm’s Investment Solutions Product Development team.
Morgan Stanley’s Investment Solutions Product Development division provides multiple services supporting over $900 billion in assets under management. These assets are spread across mutual funds, money market funds, exchange-traded funds, and college savings plans.
The one filing this position will primarily focus on creating packaged products and indexes. The job posting shows that Morgan Stanley is diving deeper into the cryptocurrency sector as it expands its product offering. In March 2021, Morgan Stanley launched a passive private fund.
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A previous report said that the company had informed its financial advisors it could provide crypto exposure through the products managed by Galaxy Digital and the NYDIG crypto firm.
While this ad could be significant for the crypto sector, given the dominance of Morgan Stanley in traditional finance, it is not a guarantee the company will launch this product. The job posting further shows that the crypto product solutions for the firm could be joining the solutions already offered by more than 200 asset management companies.
The positing also adds that the individual selected for the role would include detecting opportunities to promote financial advisor products, sourcing product development opportunities across investment strategies, and partnering with over 200 asset management companies to detect strategies that will boost the division’s quality.
Traditional banking giants show interest in crypto
The product manager position suggested that Morgan Stanley would be keen on providing its clients with more products they can choose from. The launch of a new index-based investment product and exchange-traded fund would also see the investment bank joining an industry that has already attracted other companies such as Galaxy Digital, Grayscale, Fidelity, and more.
Morgan Stanley is not alone in crypto plans. Other banking giants such as Goldman Sachs and JPMorgan have dived into the crypto space by opening crypto products for institutional clients.
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