Penn Mutual Life Insurance in Philadelphia has reinstated David O'Malley, v.p. of credit derivatives product management and marketing to U.S. clients for Morgan Stanley in New York, as a portfolio manager. An official at Morgan Stanley said O'Malley left the bulge-bracket firm because he received an offer from Penn that increased his annual salary and gave him more oversight of the insurance company's derivatives strategies than he had when he left. Penn had not yet filled O'Malley's position and had become a virtual non-player in the derivatives market following O'Malley's departure, one Penn official said. O'Malley now reports to Peter Sherman, cio. Sherman did not return calls and O'Malley declined to comment.
O'Malley joined Morgan Stanley in October to replace Steven Olentine, who was hired by Swiss Re as a structured credit derivatives salesman in New York (DW, 10/28). While at Morgan Stanley, O'Malley reported to Jim Vore, v.p. and product manager for credit derivatives sales. Vore did not return calls before press time. The official said Morgan is looking for a replacement.