Bloomberg News reports that Pick, 46, was promoted to global head of sales and trading, reporting to Colm Kelleher, the company said Thursday in an internal memo written by Kelleher, Chief Executive Officer James Gorman and Greg Fleming, president of the brokerage.
Simkowitz, 50, who was co-head of the unit that underwrites stocks and bonds, will report to Gorman as head of investment management and will join the operating committee.
Pick and Simkowitz, both more than 20-year veterans of Morgan Stanley, are taking over businesses struggling to meet their financial targets. Pick adds a fixed-income unit that’s been reducing assets and cutting costs to achieve a 10% return on equity. Simkowitz’s investment-management group used to be run by Fleming, who had set a goal of $500bn of assets by the end of next year, about a quarter more than it has now.
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