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Morgan Stanley is seeking to add around 50 positions at a new research center that will support its trading activities in Paris, as part of plans to boost its presence in the French capital and double its staff there by 2023.
The new hub will help the bank meet rising client demand for quantitative strategies, the bank said in a memo seen by Bloomberg. The bank could add the positions both through external hires and staff relocations, a person familiar with the plans said.
U.S. banks and hedge funds are increasingly beefing up their operations in Paris, as trading activity drains from London. While JPMorgan Chase & Co. set its trading and sales business line in the city, hedge funds Citadel and Millennium Management are hunting for talent to support their expansion plans.
“We are relocating trading activities to Paris,” Morgan Stanley country head Emmanuel Goldstein said in an interview with Le Figaro. “We are creating in France the most important commodities trading platform in Continental Europe.”
Read More: JPMorgan’s Paris Traders Are Only Part of the Threat to London