Morgan Stanley is shaking up its huge trading business

Morgan Stanley

Morgan Stanley has announced a raft of changes to its sales and trading business.

Sam Kellie-Smith will become global head of fixed income and commodities, according to a memo seen by Business Insider.

He was previously global head of equity trading. His appointment follows that of global equities boss Ted Pick to run markets more broadly.

“Sam’s leadership and risk acumen have been key ingredients in establishing our leadership position in Global Equities,” Pick said in the memo announcing the appointment. “I am confident Sam will leverage his global product along with his internal and external relationships to lead FICC going forward.”

FICC is fixed income, currencies and commodities trading – a part of the business that’s been particularly hard hit this year across Wall Street. Morgan Stanley just cut 25% of its workforce in that department.

Kellie-Smith is a Morgan Stanley veteran, having joined the bank in 1997 as a derivatives trader in London. He has since held senior roles in Hong Kong and New York.

Matt Berke, who was previously chief operating officer for equities, will become global chief operating officer of sales and trading, according to the same memo.

Kellie-Smith replaces former fixed income co-heads Robert Rooney and Michael Heaney.

Rooney, who is based in London, will become CEO of Morgan Stanley International and head of Europe, the Middle East and Africa. Heaney is retiring.

Pick and Colm Kelleher, now the sole president of Morgan Stanley, said of Heaney in a memo: “His passion and dedication to recruiting and mentoring the next generation of talent has better prepared the division for the future.”

NOW WATCH: 5 of the most successful ‘Shark Tank’ stories of all time

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.