July 10, 2018 / 3:03 PM / 8 months ago

Morgan Stanley's Pick promoted to head of institutional securities -memo

NEW YORK, July 10 (Reuters) - Morgan Stanley has promoted Ted Pick to head its institutional securities business as part of a broader executive shuffle, according to a memo seen by Reuters on Tuesday, the most recent elevation for an executive who has overseen several key initiatives at the Wall Street bank.

Pick, who started his career at Morgan Stanley in investment banking, also ran equities trading and most recently headed the overhaul of its fixed income business.

Chief Executive Officer James Gorman and President Colm Kelleher, who previously led the institutional securities business, called the promotion “a natural next step” in the memo. (Reporting by Lauren Tara LaCapra Editing by Jeffrey Benkoe)

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