Morgan Stanley’s (NYSE: MS) global head of equity trading, Peter Santoro, will be leaving the firm, according to familiar sources. He is anticipated to join hedge fund Millennium, replacing Hyung Soon Lee, the firm’s former equity chief. Santoro did not return any calls or messages at his office line or mobile phone. Morgan Stanley and Millenium could not be contacted for questioning.
In January 2016, Santoro was promoted to global head of equity trading at Morgan Stanley after Sam Kellie-Smith took control of the fixed-income business. Prior to that, he was responsible for equity trading for the Americas. Equity trading is Morgan Stanley’s primary business, in which it earned $8.04 billion in revenue last year, compared with $5.12 billion for fixed-income trading. That total was decreased by 3% from 2015. In Q4, the division earned almost $1.95 billion in revenue, compared with $1.5 billion in fixed income trading.
Following Santoro’s leave, the bank has assigned Alan Thomas as head of equities for the Americas. He formerly served as co-head of prime brokerage and directed Morgan Stanley’s financing business. Izzy Englander’s Millennium manages about $34.8 billion since the start of February, with over 2,100 employees working across the US, Europe and Asia.
Millennium’s main fund updated its lowest performance since 2008 in 2016, up 3.3%.