Davis Polk is advising Morgan Stanley in connection with an agreement reached between Morgan Stanley and the employees of its in-house quantitative proprietary trading unit Process Driven Trading (PDT), whereby PDT employees will acquire certain assets from Morgan Stanley and launch an independent advisory firm at the end of 2012. Morgan Stanley will have the option to acquire a preferred stake in the new entity, to be known as PDT Advisors.
The Davis Polk corporate team includes partners Paul R. Kingsley, Nora M. Jordan and Gregory Rowland and associate James E. Elworth. The tax team includes partners Michael Mollerus and Mary Conway. Partner Barbara Nims and counsel Ada Dekhtyar Karczmer are providing benefits advice. Partners Luigi L. De Ghenghi and Robert L.D. Colby are providing regulatory advice. Members of the Davis Polk team are based in the New York and Washington, DC offices.
D.C.