Ken deRegt, Morgan Stanley’s chief risk officer, has been named the firm's global head of fixed income sales and trading, according to an internal memo obtained by IDD Magazine on Friday.
DeRegt will report to Colm Kelleher, co-president of institutional securities at the firm.
Also, the memo, outlined other changes in senior management at the firm, including news that Jack DiMaio will leave the firm. DiMaio, former global head of interest rate, credit and currency trading, will be working for an investment firm, according to the memo which did not identify DiMaio’s new employer.
The memo was issued by the firm's chief executive officer James Gorman to all of the firm’s employees on Jan. 13.
The note from Morgan Stanley’s chief executive also suggests that fixed income will be a key part of the banking firm’s overall business plan.
“As we have said many times, a big driver of our future success will be the continued build-out of our sales and trading platform and, in particular, our strategy and footprint in fixed income,” according to the memo from Gorman. “While we have started to see some progress, there is more we can do to ensure the best execution of the strategy.”
Additionally, the memo said that Keishi Hotsuki who has worked with deRegt has head of market risk will assume the role of interim chief risk officer. And, the memo noted, Charlie Johnston who has been president of Morgan Stanley Smith Barney will be retiring from the firm at the end of 2011.