Stephen Penwell, Morgan Stanley's global head of credit research, has been promoted to the new position of head of North American credit sales. He will oversee sales for the firm's investment-grade, high-yield and bank loan businesses. Penwell says it is yet to be determined whether he will continue in his capacity as global head of research, or whether a new global head will be appointed. He says the move is the latest stage in a year-long effort to streamline the organizational structure of the firm's credit business. Last year, Morgan Stanley integrated its high-yield, bank loans, emerging markets and several of its structured product businesses. It also united high-yield and investment-grade research and trading (BW, 8/19).
As part of the changes, Dennis Burns, former head of the cash, derivatives, and investment-grade sales force, has been named to the new position of North American head of the senior relationship management group--a small group of senior managing directors devoted to maintaining relationships with the firm's key accounts. Jerry Wood, the group's global head, will take a three month sabbatical, after which time he is expected to return to his position with Burns reporting to him, says Penwell.