UK - Morgan Stanley has disbanded the renowned ETF research team, headed by Deborah Fuhr, as part of its move to cut jobs.

A spokesman has confirmed the investment strategies team has now been disbanded following Fuhr's departure from the company on Friday.

The move came as a shock to many in the asset management market as Fuhr and her investment strategies team have won several awards over the last few year for their research in the ETFs market, for their work in helping clients to implement asset allocation through "Delta One" products such as exchange-traded funds, while Fuhr herself was named recently for making the greatest contribution to the industry in that arena.

Sources say the decision is in no way related to the team's performance as there are cuts being made elsewhere at Morgan Stanley, including some members of the derivatives sales team which are also understood to have been put "at risk", as the asset house describes it.

Moreover, other big names could yet go too, as the firm is thought to be seeking to reduce UK staff numbers as part of its ongoing review - potentially by another 350 people - and it is understood "there is little dead wood to be cut" as Morgan Stanley was already being run as a tightly-staffed operation.

It is understood Fuhr has yet to reveal her next move, though individuals in the market have suggested she may set up a research house to cater to the growing broker demand for data.

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