Morgan Stanley has merged its fixed-income and equity derivatives marketing groups in Europe, taking a path already trod by rivals such as JPMorgan and Merrill Lynch some time ago.
Rob Rooney, head of European fixed-income sales, has been named head of structured sales for the combined group, and Richard Heyes, head of European equity sales, becomes head of European flow sales across equities and fixed income. Sebastian Howell, spokesman in London, declined comment.
While it might be late to the trend, some think that might be to the firm's advantage. Other cross-asset sales groups have met with mixed success (DW, 5/23/04). One City headhunter noted these changes have tended to lead to battles for control between former asset-class heads. Morgan Stanley, however, may have had time to learn from other firms' experiences, which could also explain why it has not appointed co-heads of the combined group.
An official at the firm said the reorganization reflects the fact its largest clients require derivatives across asset classes and said it is not a major shakeup for staff. Morgan Stanley also combined its credit and fixed-income groups in Asia (DW, 2/9).
