Morgan Stanley has hired Colin Teichholtz to head its pass-though trading book. He joins from hedge fund goliath Caxton Associates. Firm spokesman Mark Lake says Teichholtz will start Sept. 2 and report to interest-rate trading chief Jim Sandling. Teichholtz had left the fund and was unavailable to comment. It could not be learned who, if anyone, will replace him there. It is believed that he will also trade the 30-year sector at Morgan Stanley.
Teichholtz left Caxton, the world's largest hedge fund with more than $10 billion under management, after joining just last January. Prior to that, he was a pass-through trader at Goldman Sachs for 10 years, joining in 1992 where he worked as both a sell-side trader and portfolio manager in the asset management department. Morgan Stanley had made no bones about its desire to land another high-profile trader, after failing to land Mike Cudzil (BW, 5/26), as well as at least one other trader.