Unlike Goldman Sachs, which only promotes managing directors every two years now, Morgan Stanley still makes people into managing director annually. It’s just done so: 140 people got the call, of whom 29 are in London. The full list isn’t yet public, although Financial News has it.
On a divisional basis, Morgan Stanley’s shiny new MDs are split like this, suggesting that for all the talk about ’empowering the risk function’ it’s still pretty difficult to make MD in risk even as technologists are being invited to the top table.
This high-level breakdown conceals another important omission though: no cash equities professionals at Morgan Stanley were promoted this time. All those equities people you see on the list? They’re all in prime broking, or equity derivatives, or electronic trading (Oliver Farrant, the COO of equities electronic trading, who started out in collateral management is on there); there are no cash equities traders or salespeople and sales traders at all. This comes as Morgan Stanley is making cuts in its cash equities business: a signal is being sent, and it’s not a good one.
Rates trading is a different matter. After a strong end to 2016, three rates professionals were bumped up: Vinay Dhanuka, head of sterling flow rates, Josh Hooker, head of G3 rates and Rob O’Donoghue, head of UK structured rates sales. All three are in London. There are also reports of generous bonuses in Morgan Stanley’s rates business, of which more to come soon…