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NEW YORK (TheStreet) -- Morgan Stanley (MS) and its quantitative trading group may soon part ways in the wake of the Dodd-Frank Act that limits proprietary trading, according to New York Times.

The report says the firm had considered moving the group to Morgan Stanley Asset Management, but a spinoff looks to be more likely now.

Morgan Stanley and the group's head, Peter Muller, are currently in advanced talks about the spinoff, according to

New York Times.

Morgan Stanley is considering retaining a minority stake in the group, called Process Driven Trading, after the spinoff.

Subsequent to the transaction, Process Driven Trading will continue to have access to Morgan Stanley's infrastructure, including its legal and other resources, according to the report.

-- Written by Andrea Tse in New York.

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