Bios

Europe Elga Bartsch Joachim Fels David Miles Carlos Caceres Dr. Tevfik Aksoy Melanie Baker Pasquale Diana Oliver Weeks Americas Richard Berner David Greenlaw Gray Newman Ted Wieseman Asia-Ex Japan Chetan Ahya Qing Wang Denise Yam Japan Takehiro Sato Robert Alan Feldman

Elga Bartsch joined Morgan Stanley in September 1997. The main focus of her research is the monetary policy of the European Central Bank. In addition, she covers core European countries, primarily Germany, the Netherlands and Austria. Elga is also responsible for the Firm’s Swedish forecasts. Recently, Elga has started to spearhead a global research effort on the economics of climate change. From 1992, she worked at the Kiel Institute of World Economics, a large German economic think-tank. At the Kiel Institute, Elga worked as a research associate in the President's Office and was responsible for managing The Advanced Studies in International Economic Policy Research, a post-graduate programme in international macroeconomics. Having studied at the University of Hannover and the London School of Economics, Elga received a degree in Economics from Kiel University where she graduated top of her class. Subsequently, she completed a Ph.D. in Economics at the Kiel Institute. Her dissertation deals with Liability for Environmental Damages: Incentives for Precaution and Risk Allocation. Currently, she is spearheading the firm's research effort on the Economics of Climate Change. Elga is fluent in German and English. Together with her colleagues she has been ranked the best European economics research team five times by the Institutional Investor survey.

Joachim Fels co-heads Morgan Stanley’s Global Economics Team (with Dick Berner) and is the Firm's Chief Global Fixed Income Economist, based in London. His research focuses on monetary policy, the global liquidity cycle, and inflation.   Joachim edits The Global Monetary Analyst, a weekly Morgan Stanley Research publication.

Joachim joined Morgan Stanley in 1996 to cover the German economy. Later he co-headed the Currency Economics Team and the European Economics Team, which won several #1 rankings in the Institutional Investor Poll over the years. Joachim was also the Firm’s ECB watcher from the institution's birth in 1998 until 2005.

Joachim is a member of the German Banking Association’s Economic and Monetary Committee, and of the Volkswagen Foundation's Asset Allocation Advisory Board. From 1999 to 2008, he advised the German Finance Minister on international economic policy and financial market issues.

Before joining Morgan Stanley 12 years ago, Joachim was educated in economics in Germany and Italy, and worked at the Kiel Institute of World Economics and at Goldman Sachs.

David Miles became Managing Director and Chief UK Economist at Morgan Stanley in October 2004. He joined from Imperial College, University of London, where he retains the role of visiting Professor of Financial Economics. He specialises in research on financial markets. Miles worked for the Bank of England for several years after graduating from Oxford. After a spell in the economics Department at Birkbeck College, London he was Chief UK Economist for Merrill Lynch. He joined Imperial College in 1996. He has published widely on many aspects of finance and macroeconomics. His recent book "Macroeconomics: Understanding the Wealth of Nations", jointly written with Andrew Scott of the LBS, has just appeared in second edition. An earlier book, "Housing, Financial Markets and the Wider Economy" (1994) analysed the changing pattern of housing and housing finance in the UK.

In the 2003 Budget Chancellor of the Exchequer Gordon Brown announced that he had asked Miles to undertake an independent review of the UK housing market focusing on the absence of much longer-term fixed rate lending. The Miles Report was published by HM Treasury in the Spring of 2004. Miles was appointed an executive Director of the FSA in December 2003 and took up his post on the Board of the FSA in Spring 2004.

Carlos joined Morgan Stanley in July 2007. He works on the French and Spanish Economy as well as broader Euroland economic issues. Prior to joining Morgan Stanley, Carlos worked as a consultant for The World Bank, and has previously worked at the International Monetary Fund and the Organization of American States.  He holds an MEng degree in Engineering, Business & Finance from the University of London (UCL & LSE) and an MPhil and PhD (DPhil) degrees in Economics from the University of Oxford (Nuffield College).

Dr.Tevfik Aksoy is an Executive Director and Chief Economist for Turkey, the Middle East and North Africa. Dr. Aksoy joined Morgan Stanley from Deutsche Bank where he worked since 2004, most recently holding a similar position as Chief Economist for Turkey. In this role he also covered a number of East European and African countries. Prior to his role at Deutsche Bank, Dr. Aksoy held a number of senior positions in both the financial services and academia in the UK, USA and Turkey with 19 years of professional experience.He holds a bachelor's degree in Mechanical Engineering and an MBA from the Middle East Tech. University as well as MA and PhD degrees in Economics from the University of Delaware.

Melanie Baker is a member of the UK Economics team, working with David Miles and Vladimir Pillonca. Her role involves researching, analyzing and writing on UK specific topics. She joined Morgan Stanley in 1999. Melanie holds an M.A. in economics and politics from the University of Edinburgh and an M.Sc. in economics from University College London and is a CFA charterholder.

Richard Berner is a Managing Director, Co-Head of Global Economics and Chief U.S. Economist at Morgan Stanley. He co-directs the Firm's forecasting and analysis of the global economy and financial markets and co-heads the Firm's Strategy Forum.

Before joining Morgan Stanley in 1999, Dick was Executive Vice President and Chief Economist at Mellon Bank, and a member of Mellon's Senior Management Committee. He also served for seven years on the research staff of the Federal Reserve in Washington.

Dick is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, a member of the Panel of Economic Advisers of the Congressional Budget Office, and a member of the Executive Committee and a Director at large of the National Bureau of Economic Research. He is the 2007 winner of the William F. Butler Award for excellence in business economics.

Dick received his bachelor's degree from Harvard College, and his Ph.D. from the University of Pennsylvania. He researched his dissertation under SSRC-Ford Foundation grants at both the University of Louvain, Belgium, and at the University of Bologna, Italy. He speaks French and a little Italian.

David Greenlaw is a Managing Director and Chief U.S. Fixed Income Economist. His primary duties involve analysis of the U.S. economy and credit markets, including Federal Reserve and Treasury activity. He is also responsible for the projections of key economic indicators. Before joining Morgan Stanley in 1986, David was an economist with the Policy Economics Group, a Washington, D.C., consulting firm. Prior to that he served on the staff of the Federal Reserve Board in Washington, D.C., for four years.

David holds an M.B.A. from New York University and a B.A. from the University of New Hampshire. He has also done extensive graduate work at the University of Chicago and George Washington University.

Gray Newman is a Managing Director and senior Latin America Economist who is in charge of all Latin American macro-economic research. He joined Morgan Stanley in August 2000. Before joining the firm, Gray was Senior Latin America Economist at Merrill Lynch. Previously, he was Chief Economist for Latin America for the Hong Kong Shanghai Bank (HSBC) in New York. Gray also worked in HSBC's Mexico City office for HSBC James Capel. Prior to his work at HSBC, he was Senior Economist for Interacciones Casa de Bolsa, a Mexico City-based brokerage house.

Gray holds degrees in law and economics from the University of Virginia and the College of William and Mary.

Ted Wieseman is a Vice President and an economist focusing on US fixed income markets. Ted works with Chief US Fixed Income Economist David Greenlaw on Federal Reserve and US Treasury analysis and economic data forecasting and analysis, supporting the firm's Treasury, agency, and derivatives sales, and trading operations. Before joining Morgan Stanley in 1998, Ted worked for three years at Citibank, primarily focusing on foreign exchange economics.

Ted holds an M.A. in economics from New York University and a B.A. in economics with a minor in mathematics from the University of North Carolina at Chapel Hill. He also did graduate work in economics at Yale University.

Chetan Ahya is an Executive Director and the India & South East Asia economist at Morgan Stanley.   He joined Morgan Stanley in mid-2000 from BNP Prime Peregrine, where he was the India economist and strategist.

Chetan has a Bachelor's Degree in Commerce & Economics from the University of Mumbai, a Post-Graduate Diploma in Economics and a Master's Degree in Public Policy and Management from the University of London. He also holds professional degrees of Associate Chartered Accountant and Associate Cost and Works Accountant.

Qing Wang is an Executive Director and Chief Economist for Greater China. Qing joined Morgan Stanley in May 2007 from Bank of America where he was the Head of Economics & Strategy for Greater China. Prior to that, he spent six years as an economist with the International Monetary Fund in Washington, D.C. covering member countries in Asia, Eastern Europe, and Middle East. He was also actively involved in strengthening and implementing IMF's surveillance policy framework.

Qing holds a Ph.D. in economics from the University of Maryland at College Park, with concentrations in international economics and public finance. He also holds a B.A. in Economics and an M.A. in Macroeconomic Management from Renmin University of China.

Denise Yam is a Vice President and member of Morgan Stanley's economics team, covering Greater China. She joined Morgan Stanley in 1998.

Denise holds an M.Phil. in economics from the University of Cambridge and a B.Sc. in economics from the University of Bristol. Denise holds a CFA designation.

Takehiro Sato is an Executive Director who focuses on the Japanese economy and the macro policies, as well as on the market outlook as a member of Global Economics Team. He joined Morgan Stanley Japan Ltd. in 1999. Previously, Takehiro worked at Sumitomo Bank, in the Treasury department. He also worked on secondment at the Japan Research Institute as a senior economist.

Takehiro graduated from Kyoto University. He is a chartered member of the Security Analysts Association of Japan.

Robert Feldman is a Managing Director who joined Morgan Stanley Japan Ltd. in February 1998 as the chief economist for Japan. In 2003, he also became Co-Director of Japan Research. He continues to focus on the outlook for the Japanese economy and on interest rate movements. Robert has published three books, Japanese Financial Markets: Deficits, Dilemmas, and Deregulation (MIT Press, 1986), Nihon no Suijaku ("The Weakening of Japan", Toyo Keizai 1996, in Japanese) and Nihon no Saiki ("Starting Over", Toyo Keizai 2001, in Japanese). A fluent speaker of Japanese, he has also translated four books from Japanese to English, including Economic Growth in Prewar Japan (by Takafusa Nakamura, Yale U. Press). In addition, he is a regular commentator on World Business Satellite, TV Tokyo's nightly business program. Robert was the chief economist for Japan at Salomon Brothers from 1990 to 1997. He worked for the International Monetary Fund from 1983 through 1989, in the Asian, European, and Research Departments.

Robert holds a Ph.D. in economics from the Massachusetts Institute of Technology, and B.A.s in economics and in Japanese studies from Yale. Between college and graduate school, he worked at both the Federal Reserve Bank of New York and at Chase Manhattan Bank. Robert first came to Japan as an exchange student and also studied at the Nomura Research Institute and the Bank of Japan.