Nick Sheppard, executive director of the institutional equity division at Morgan Stanley in Tokyo, is leaving the firm to take a sabbatical, according to officials at the firm. Sheppard reports to Shawn Bardong, managing director and head of trading in Tokyo. Bardong declined comment and Sheppard could not be reached. Officials continued that the existing staff will handle Sheppard's duties, declining further comment. Simon Locke, spokesman, declined comment.