Morgan Stanley has hired Vincent Reinhart, a formal Federal Reserve policymaker, as its chief US economist, Economic Times reported. Reinhart will commence work as chief US economist at Morgan Stanley from October 1.
He is currently a resident scholar at the American Enterprise Institute, a conservative think tank in Washington. At Morgan Stanley, Reinhart will take over for Richard Berner, who left the firm earlier this year and become a counselor to Treasury Secretary Timothy Geithner in April.
Berner’s longtime colleague at Morgan Stanley, David Greenlaw, will remain at the firm as US fixed income economist.
Vincent Reinhart’s outlook on the U.S. economy falls in some respects on the brighter end of the spectrum. In a report he wrote in late August for AEI, he put the chances of the US economy falling into another recession within the next year at one in four.
Rein joined American Enterprise Institute in 2008 following a 20-year career at the Federal Reserve Board, where he had senior positions in the monetary affairs and international finance divisions. He then served as secretary and economist of the Federal Open Market Committee.
Morgan Stanley is a global financial services firm headquartered in New York with employees 493 serving a diversified group of corporations, governments, financial institutions and individuals. Morgan Stanley operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000.
The global financial services firm also operated in three business segments like institutional securities, global wealth management group and asset management.