Morgan Stanley has added Ted Pick, global head of equities, and Jeff Brodsky, global head of human resources, to its operating committee, boosting its key corporate governance group to 12 executives from 10.
In an internal memorandum reviewed by Dow Jones Newswires, Morgan Stanley Chairman and Chief Executive James Gorman announced the personnel move, effective immediately, to all employees of the investment bank.
Gorman said Pick and Brodsky, both more than 20-year veterans of Morgan Stanley, "have become key members of the senior management team as well as true culture carriers for the firm."
The two executives join Gorman lieutenants on the committee including Walid Chammah, chairman of the firm's international business; Greg Fleming, president of Morgan Stanley Smith Barney, the firm's retail brokerage joint venture; and Kenneth deRegt, the firm's head of fixed-income sales and trading.
The addition of Pick to the group is an acknowledgement of Morgan Stanley's strong performance in equities trading in 2011. Through the first nine months of the year, the firm's equities trading revenue, excluding accounting gains or losses from swings in the value of its debt, was up 29% from a year ago, while its competitors have reported such revenue falling, on average, 2% from a year earlier.
Trading--particularly in fixed income--on Wall Street has been sluggish since last spring as the European sovereign debt crisis and a slowing economic recovery have sent many clients to the sidelines.
But Morgan Stanley, which made 400 hires in late 2009 to bolster its trading business, has seen growth in its equities trading revenue market share to 14.9% through the first nine months of 2011 from 11.7% a year earlier.
The company will report results for the fourth quarter of 2011 later this month.
Pick joined Morgan Stanley's management committee in 2008 and has held several posts within the equities business including global head of equity syndicate, head of equity capital markets, and co-head of global capital markets.
Brodsky has worked at Morgan Stanley since 1987 and has held several posts in human resources before assuming his current role in January 2011.
Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.
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