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Merrill Bags Senior Exotic Interest Rate Trader

Merrill Lynch has hired John Uglum, managing director in interest rate exotic derivatives trading, from Morgan Stanley. Uglum started last week and reports to Nick Brophy, managing director and head of interest rate derivatives trading in the U.S. At Morgan Stanley, he was executive director in exotic interest rate derivatives trading, reporting to David Moore, head of interest rate derivatives trading in New York. He has been replaced by Raj Suryadevara, v.p. from Merrill Lynch, who started today. Uglum and Moore, who was traveling, could not be reached and Brophy declined all comment. Separately, Morgan Stanley has named replacements for Sean Notley, head of European fixed income and global co-head of interest rates and currency in London, who took a leave of absence last month after 20 years at the firm. Colin Bryce, European head of commodities in London, will continue in his current role and replace Notley as head of fixed income in Europe. Roberto Hoornweg, global head of emerging markets in London, retains this role and has also been named co-head of interest rates and currency. Hoornweg joins Phil Newcomb, co-head of interest rates and currency and head of fixed income in New York. Mark Lake, Morgan Stanley spokesman, said Notley will return to the bank in a new role, which has not yet been decided.

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