Morgan Stanley's Drossos Moves to Fund Management From Foreign Exchange

Sophia Drossos, co-head of global foreign exchange strategy at Morgan Stanley, has moved into the firm’s fund management division as a senior investor with a focus on currencies, rates and monetary policy.

Drossos, who joined Morgan Stanley in July 2003, now reports to Henry McVey, head of global macro and asset allocation at Morgan Stanley Investment Management. The Aug. 16 move was announced in an internal memo sent today by McVey and confirmed by Erica Platt, a spokeswoman for New York-based Morgan Stanley. The memo also said Edward Riguardi, who joined the bank in August 2008, has become a member of the research team under McVey.

Morgan Stanley, the sixth-biggest U.S. bank by assets, has been trying to improve the performance of its fund unit, the worst performing of the company’s three main divisions. Gregory Fleming, the former president and chief operating officer at Merrill Lynch & Co., joined Morgan Stanley in February as president of investment management.

Drossos worked as a senior analyst at the Federal Reserve Bank of New York’s markets group before joining Morgan Stanley and previously worked for the U.S. Department of State and the Federal Reserve Board of Governors, the memo said.

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

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