Morgan Stanley has poached a Credit Suisse crypto banker to be head of 'digital asset markets'
- Morgan Stanley has hired Andrew Peel as head of digital asset markets.
- Peel spent 12 years at Credit Suisse and is a self-declared "subject matter expert for bitcoin and cryptocurrency."
- Peel's appointment comes amid a flurry of activity from investment banks looking at the crypto space.
LONDON - Morgan Stanley has poached a 12-year veteran of Credit Suisse to lead "digital asset markets" at the bank.
Andrew Peel joined Morgan Stanley as head of digital asset markets in June 2018, according to his LinkedIn profile. A spokesperson for Morgan Stanley confirmed the appointment to Business Insider but declined to comment further.
Peel spent 12 years at Credit Suisse, according to his LinkedIn, most recently serving as a vice president of sales and trading innovation. In that role, he was a "subject matter expert for bitcoin and cryptocurrency," according to his profile.
Peel's move was first reported by eFinancialCareers. He will be based between Zurich and London in his new role, according to his LinkedIn.
It is not clear whether the digital asset markets role is a new one or what exactly Peel will do in this new position. The bank declined to comment.
The ICO Journal, a blog covering cryptocurrency markets, said in April that it was in touch with a source close to Morgan Stanley who said the bank was rapidly planning to launch a crypto trading desk. Morgan Stanley analysts also took a look at the space earlier this year and the bank already clears bitcoin futures for clients.
Peel's appointment comes amid a flurry of activity from investment banks around crypto. Goldman Sachs is reportedly planning to set up a bitcoin trading desk and JPMorgan recently appointed its first head of crypto-asset strategy. Investment banks are attracted by the eye-catching returns of bitcoin in 2017 and have begun to seriously assess cryptos as a potential new asset class despite poor price performance this year.
Industry insiders stress that key infrastructure such as institutional-grade digital asset custody solutions must be put in place before big banks can truly dive into the market.