Mike Spangler, managing director and head of Morgan Stanley Investment Management's U.S. retail product group, has left the company. A spokeswoman for Morgan Stanley confirmed Spangler's departure and said a replacement has not been named.

A industry insider told The MFWire that Spangler may be headed to Nationwide Funds, filling the post of president and CEO vacated by John Grady in January. S. Timothy Grugeon has been filling the role at Nationwide on an interim basis.

However, a Nationwide spokeswoman told The MFWire that it was "not true" that Spangler has been named as the head of Nationwide Funds and that the search for a new president and CEO is still ongoing.

Nationwide exited the active management business in September of 2007, when it sold its funds to Aberdeen Asset Management. The company does still operate sub-advised funds.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE