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Morgan Stanley Promotes Pick, Simkowitz in Management Shift

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Morgan Stanley promoted Ted Pick to run all of its trading businesses and Dan Simkowitz to head investment management as the firm shuffles its top ranks.

Pick, 46, will become global head of sales and trading, reporting to Colm Kelleher, the New York based company said Thursday in an internal memo written by Kelleher, Chief Executive Officer James Gorman and Greg Fleming, president of the brokerage.

Pick previously ran the bank’s top-ranked equities business. Simkowitz was co-head of the unit that underwrites stocks and bonds.

“We always need to look to our future while managing the present,” Gorman, Kelleher and Fleming said in the memo. “Our future includes developing strong executives to serve at the most senior levels of the firm, ensuring we regularly bring new energy and intensity to areas where we can move the needle over the next five years.”

Pick, who has increased market share in the equity business, now also takes on fixed-income, which has struggled to produce adequate returns.
The Simkowitz promotion follows Gorman’s recent efforts to move executives to different parts of the firm to encourage collaboration. Fleming, 52, had overseen investment management in addition to the brokerage.

The Wall Street Journal reported Morgan Stanley’s management changes earlier Thursday.

— Check out Most Investors Not Shifting Portfolios Ahead of Rate Hike: Morgan Stanley on ThinkAdvisor.