Morgan Stanley is exploring "different structures" for its commodities business, the CEO of the investment bank said on Thursday, in the first public confirmation from the firm that it is considering a sale of its oil and metals trading arm.
OPEC member Qatar has emerged as the most likely buyer or investor through its sovereign wealth fund. On Monday the Gulf state's Prime Minister Sheikh Hamad bin Jassim al-Thani said they were "studying the proposal."
Morgan Stanley CEO James Gorman said in a conference call that changes under the Dodd-Frank financial reform law in the United States limited the kind of trading they could now do through the bank's commodity arm. (Reporting by Lauren Tara LaCapra, writing by David Sheppard; Editing by Marguerita Choy)