Morgan Stanley has expanded the role of its global credit research group, and named Ryan Marshall, managing director and former global head of securitized products research, as global director of fixed-income credit research. Marshall replaces Stephen Penwell, managing director and the new head of North American credit sales (BW, 1/28). By combining research across all the different credit markets within fixed-income, the firm hopes to offer a wider range of options to issuers and investors, Penwell says. He adds that no one has been released as a result of the changes.
Four research heads will take on added responsibilities and report to Marshall. Cathy Gronquist, managing director and former director of European investment-grade research, becomes head of credit and securitized products research outside of North America. Chip Schorin, executive director and former head of securitized products research in North America, adds financial institutions to his brief. Bill Reiland, managing director and former head of high-yield research, becomes director of North American high-grade and high-yield corporate credit research. Steve Zamsky, managing director and head of investment-grade strategy, becomes head of North American credit strategy.