Business in brief: Morgan Stanley | Lend Leade | Ithaca

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MORGAN Stanley, the sixth-largest bank in the United States and a major employer in Scotland, yesterday posted a stronger-than-expected first-quarter profit.

A record performance from its wealth management business helped it report a profit of $958 million (£627m), compared with a loss of $119m in the same period last year. Morgan Stanley’s Glasgow office employs more than 1,000 staff.

Lend Lease unveils change at the top

Property and infrastructure group Lend Lease unveils a new head of its Scottish business today following the news that executive general manager Gordon Anderson is to retire.

Anderson, who leaves in December after 40 years with the company, will be succeeded by Scottish operations director Roy Allport.

Lend Lease expects Scottish turnover to top £130 million in the next financial year.

Ithaca’s takeover clears legal hurdle

NORTH Sea driller Ithaca Energy was yesterday given the green light for its takeover of rival Valiant Petroleum by the High Court in London.

More than 97 per cent of Valiant’s shareholders voted to accept Aberdeen-based Ithaca’s £203 million cash and shares offer earlier this month.

The takeover, which was unveiled last month, will double Ithaca’s oil production to around 15,000 barrels a day.