Morgan Stanley to Spin Off PDT Business

Process Driven Technology (PDT), Morgan Stanley's quantitative proprietary trading unit, is set to be spun off from the investment bank in order to become an independent advisory firm at the end of 2012. The firm's new name will be PDT Advisors.

Morgan Stanley has confirmed that all of PDT's 60-strong staff will join the new entity.

In the interim, PDT, which has been part of the Morgan Stanley stable for the last 18 years, will continue to manage Morgan Stanley's capital and will also look to b