The group of eight former Morgan Stanley executives trying to unseat the bank's chairman and chief executive Philip Purcell, are to meet a shareholders' organisation which controls more than 36% of the investment bank's stock.

The New York Post reports that the meeting with the Council of Institutional Investors, a US pension fund activist organisation whose members represent more than 140 pension funds and control $3 trillion (€2.5 trillion) of assets, is set for June 7.