So how big a guarantee is Morgan Stanley paying Alvise Munari?

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Earlier this week, we speculated on the destination of Alvise Munari, the MD for multi-asset structured products and flow equity derivatives distribution at BoFA Merrill Lynch who has mysteriously resigned before bonuses are paid.

We can now confirm that Munari has gone to Morgan Stanley, where he'll be global head of equity derivatives sales and financial engineering.

The move looks like a step up, so congratulations are clearly in order. The speculation now, however, is how much Munari was offered to induce him to leave his previous position within weeks of last year's bonus arriving in his bank account.

Bonuses at BofA Merrill are expected to be announced next week, and paid at the end of February. If Munari had waited a short time, it would therefore appear that he could have resigned with a bonus from his previous employer safely banked.

As things stand, Munari still won't arrive at Morgan Stanley until April. Rumour has it that he's been offered a generous multi-year package by his new employer, something unconfirmed by Morgan Stanley. Rumour also has it that BofA Merrill attempted to put a retention package place. However, the fact that 85% of its bonuses are being deferred for senior staff this year probably didn't act in its favour when Munari was weighing whether to go.

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