Exclusive: Morgan Stanley to sell natural gas business scrutinized by Fed

Morgan Stanley has agreed to sell a compressed natural gas business that came under regulatory scrutiny shortly after its launch last year, according to a document obtained by Reuters and three people familiar with the matter. The bank will transfer the gas business, Wentworth, to a newly formed company called Pentagon Energy LLC. Two Morgan Stanley managers who were involved with Wentworth, Alberto Chiesara and Ryan Comerford, are leaving to join the new company as principals, according to those sources. Simon Greenshields, who had been co-head of Morgan Stanley's commodities business until January and was earlier said to be seeking to leave the bank through a Wentworth sale, is not joining Pentagon Energy. Pentagon's plan is to take advantage of low natural gas prices in North America by exporting the commodity via container ships to under-served markets in the Caribbean and Central America.

via Business News http://ift.tt/19ozHfB