Morgan Stanley : Names Global Co-Heads of Fixed Income Underwriting-Source
06/13/2012| 03:18pm US/Eastern
By Brett Philbin
Morgan Stanley (MS) has named Leo Civitillo and Claus Skrumsager as global co-heads of fixed income underwriting, elevating both to new positions, three months after the co-head of the North American unit was arrested and charged with stabbing a taxi driver, according to a person familiar with the situation.
The securities firm, which previously had regional heads of the business, promoted the two executives from their roles in the U.S.; and Europe, the Middle East and Africa, or EMEA, respectively, this person said.
The executives will report to Raj Dhanda, head of global capital markets at Morgan Stanley.
It is unclear what the move means for William Jennings Bryan, Morgan Stanley's co-head of the North American business, who was arrested on Feb. 29.
Mr. Bryan was charged with second-degree assault, theft of services and intimidation by bias or bigotry--considered a hate crime--against taxi driver Mohamed Ammar in connection with a December dispute over a taxi fare. Mr. Bryan, who pleaded not guilty to the charges, has been put on leave from Morgan Stanley.
Eugene Riccio, Mr. Jennings's attorney, didn't immediately respond to a request for comment.
In other executive moves, Helen Meates, previously the chief operating officer of global capital markets, will become deputy head of the business, this person said. Daniel Palmer, Morgan Stanley's global head of corporate equity derivatives, will add the role of vice chairman of capital markets to his responsibilities, according to this person.
Morgan Stanley reported $366 million in debt underwriting revenue in the first quarter, up 8% from a year ago and 27% from the prior period. Fixed income volumes though, have been weaker quarter-to-date amid renewed concerns about the European sovereign debt crisis.
The fixed income executive announcements were reported earlier Wednesday by Bloomberg News.
Shares of Morgan Stanley recently traded down 0.7% at $13.83. The stock has fallen 9% year to date.
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