Jay Dweck, head of a quantitative software and modeling group in Morgan Stanley’s sales and trading division, is leaving the firm.
Dweck, head of the strats and modeling group, is departing after more than three years at the New York-based company, according to an internal memo obtained today by Bloomberg News. Mark Lake, a Morgan Stanley spokesman, confirmed the contents of the memo. Dweck joined Morgan Stanley in 2007 after 13 years at Goldman Sachs Group Inc. to build and manage software programs to handle trading.
Chief Executive Officer James Gorman, 52, is making changes in the firm’s trading unit after fourth-quarter revenue from the fixed-income business was less than half its rivals. The company replaced fixed-income trading head Jack DiMaio with Ken deRegt earlier this month and last week hired Glenn Hadden from Goldman Sachs as global head of interest rates.
Christine Murphy and Michael Sternberg will become co-heads of the global sales and trading strats group, according to the memo. The unit is a quantitative group within the firm’s trading operations, according to the firm’s website.
Dweck, 55, was previously head of equity strategies and head of core strategies at Goldman Sachs. He received degrees in math and chemical engineering from the Massachusetts Institute of Technology in Cambridge.
Morgan Stanley’s fourth-quarter revenue from fixed-income sales and trading was negative $29 million. Excluding gains or losses from its own credit spreads, fixed-income revenue was $813 million, compared with $1.64 billion at Goldman Sachs and $2.88 billion at JPMorgan Chase & Co.
DeRegt, the firm’s chief risk officer, is becoming global head of fixed-income sales and trading, excluding commodities. DiMaio, who was head of interest rate, credit and currency trading, is leaving the company. David Moore, head of the structured-rates unit, is leaving the firm, a person briefed on the matter said last week.
Quantnet.com reported the departure today.
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