Edward Glenn Hadden, one of the most prominent Canadians on Wall Street, has departed his senior position at investment bank Morgan Stanley.
Until earlier this month, Mr. Hadden, 43, was the global head of interest-rate trading for the firm, which he joined in 2011.
Reached by phone, Mr. Hadden described the move as one of mutual agreement. “At the end of the day, it became clear to all parties that there really wasn’t a way to reconcile the vision that I had and the vision they had,” he said. He declined to provide further details.
In an internal memo sent Monday, Morgan Stanley announced that Mr. Hadden would be replaced by two people and thanked him for his contributions. A spokesman for the firm declined to comment on the circumstances surrounding his departure.
A Toronto native and enthusiastic fan of the Argonauts football club, Mr. Hadden began his career on Bay Street after graduating from the University of Western Ontario. In 1996, he joined Goldman Sachs Group Inc., where he rose rapidly through the ranks of traders, first in Toronto and later in London and New York.
His ascent has not been without controversy. Before leaving Goldman Sachs in 2010, he was placed on paid leave for roughly a year. The firm took the unusual step after regulators at the Federal Reserve Bank of New York complained about Goldman’s trading involving U.S. government bonds, activities overseen by Mr. Hadden.
More recently, he was the subject of a probe by investigators at CME Group Inc., a giant operator of commodities and futures exchanges that also regulates the activities of its members.
The exchange concluded that in 2008, Mr. Hadden violated its rules by failing to liquidate in an orderly manner a position he held in Treasury futures. He was ordered to pay a fine of $80,000 (U.S.) and was suspended from trading on the exchange for ten days last year.
Mr. Hadden joined Morgan Stanley in 2011 with a mandate to spur the firm’s bond business. He achieved some success on that front, though there were also a few high-profile missteps. In the first half of 2013, the New York Times reported, Mr. Hadden accumulated losses of more than $200-million.
He declined to discuss such figures. “I’m very proud of the strategic course that I adopted and the resulting accomplishments,” he said, adding that he has no intention of retiring. “I do look forward to serving clients in the next phase of my career.”
Mr. Hadden’s connection to Canada remains strong. The Hadden Family Foundation, the charity he founded, provides funding for youth education programs in low-income areas and hosts an annual Grey Cup party in Toronto to raise awareness of such issues. Late last year, he donated $600,000 to fund student nutrition programs at schools in Scarborough, including the one he attended as a child.
|MS-N Morgan Stanley||31.41||
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