Morgan Stanley (MS) reorganized parts of it U.S. residential-mortgage business, putting Jared Mesznik in charge of all of its trading groups focused on the debt.
The changes included shifting oversight of trading in a government-backed type of the debt known as agency mortgage pass-throughs under Mesznik in the bank’s securitized-products group, from its interest-rates team, according to a June 10 internal memo. Mesznik, who managed trading of agency collateralized mortgage obligations before the moves, now oversees trading in those two types of bonds, non-agency CMOs and residential loans.
Mark Lake, a spokesman for the New York-based bank, confirmed the contents of the memo and declined to comment further. Mesznik joined Morgan Stanley in 2005 after attending Brown University, according to regulatory records.
Brian Zakutansky, who returned to Morgan Stanley in 2012 after attending Harvard Business School and holding a Treasury Department position similar to an internship, will continue to lead agency pass-through trading, reporting to Mesznik, according to the memo.
The shifts will also bolster collaboration between trading desks, lending to mortgage banks and bond issuance teams, according to the memo, signed by Jay Hallik, the firm’s global head of securitized products, and Mitchell Nadel and Jakob Horder, global co-heads of rates.
“We are focused on firmly establishing Morgan Stanley as a top player in the residential mortgage space,” the executives said in the memo. “This organizational change as well as Brian’s background in housing policy and Agency MBS trading are key to achieving this goal.”