Morgan Stanley banker lifts hedge fund from ‘kiddie table’ with stock tips

Pawan Passi, former head of Morgan Stanley's U.S. equity syndicate desk, leaves after his arraignment at the United States District Court for the Southern District of New York in New York City, U.S., January 12, 2024. REUTERS/Shannon Stapleton

New York: For years, hedge funds knew that one man at Morgan Stanley could make them millions.

A big block of shares would come up for sale, and block-trading head Pawan Passi would tip off the funds. One even told Passi he had put that investor “in the game” (adding a colourful modifier) and that the investor “would be at the kiddie table” if not for him.