Morgan Stanley ( MS) is considering changes to its biggest proprietary-trading desk, including spinning it out into a hedge fund or opening up the unit to outside investors, a report says.

Citing people familiar with the discussions, the Wall Street Journal reports a decision on the operation, called Process Driven Trading, doesn't appear imminent and Morgan Stanley could leave the operation as is.

Morgan Stanley has eliminated several proprietary-trading desks since the financial crisis began, the Journal notes. A spinoff or restructuring of PDT would essentially mark the end of an era at the firm, which revved up proprietary trading during the market's boom.

PDT has recorded $6.5 billion in pretax income since its launch in 1993, the newspaper reports, citing a person familiar with the results. That is roughly equal to Morgan Stanley's net income since mid-2006, the Journal notes.

A Morgan Stanley spokesman told the Journal no decisions have been made on PDT. Discussions about restructuring the group have been under way for more than a year, but have accelerated during the past few months, the Journal reports.

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