Embattled Morgan Stanley Chief Meets with Fidelity

Morgan Stanley chief executive Philip Purcell, under pressure to leave the company, traveled to Boston on Friday to meet shareholders, including Fidelity Investments.

Purcell, who was accompanied by new members of the investment bank's management team, declined to comment as he left a building on Federal Street where Fidelity's equity fund managers have offices.

The building is in the neighborhood of other managers that own Morgan Stanley stock, such as Putnam Investments and State Street Global Advisors.

In a statement, Morgan Stanley said that the purpose of Purcell's visit to Boston was to introduce the new management team, which included newly named co-presidents Zoe Cruz and Stephen Crawford, to shareholders and to discuss the company's recent reorganization.

As of Dec. 31, Fidelity Management & Research Co., the parent company that oversees Fidelity mutual funds, owned 60.1 million shares, or about 5.4%, of Morgan Stanley stock, according to FactSet Research Systems Inc.

Eight former executives of Morgan Stanley published letters this week calling for Purcell's ouster and urging shareholders to join their campaign.