Morgan Stanley has promoted a star trader to run fixed income as well as equities.
Edward Pick, who ran the bank’s equities arm, has been named global head of sales and trading, according to an internal memo reviewed by Business Insider.
The Wall Street Journal first reported the moves.
The promotion will hand Pick control of the fixed income business and the research division, in addition to the equities business he previously headed.
The equities division, which trades stocks and derivatives, has become one of the strongest wings of the bank since the financial crisis.
Morgan Stanley’s equities division ranked first in the world in the first six months of the year, according to recent data from Coalition. The fixed income, commodities, and currencies division ranks down in the middle of the pack.
The current co-heads of fixed income, Mike Heaney and Rob Rooney, will report to Pick.
The memo said: “Ted is an outstanding business and people leader who has built a very strong team around the globe. Combining Institutional Equities, Fixed Income and Research under Ted will better position the Firm to serve our clients and bring stronger coordination across all product groups.”