Morgan Stanley displaced established financial advisers on deals worth nearly $700m (€587m) yesterday, managing block trades for UK satellite operator Inmarsat and technology company Austriamicrosystems.

Morgan Stanley replaced one of Inmarsat's corporate brokers, JP Morgan Cazenove, to sell a 16.2% stake in the company. It worked on the deal alongside Lehman Brothers, the firm's other broker, for a group of investors comprising buy-out firms Apax Partners and Permira, US defence specialist Comstat Investments, and Norwegian telecoms provider, Telenor.