Yet, Morgan Stanley managed to get its name listed first on the IPO -- a prized role on Wall Street. The courtship was multifaceted. At one point, one of Morgan Stanley’s most senior bankers, Michael Grimes, even moonlighted as an Uber driver.
Chief Executive Officer James Gorman recently told employees one of Saperstein’s responsibilities would be to find more opportunities for growth between the wealth unit and its largest division, institutional securities, which works on IPOs as well as trading and merger advisory.
In the meantime, Morgan Stanley’s wealthy clients can’t do much more than wait and hope. The documents show that the fund prohibits the dumping of Uber shares for 180 days from the offering.
This article was provided by Bloomberg News.