Morgan Stanley recruits Andrew Silverman to drive e-trading

Morgan Stanley recruits Andrew Silverman to drive e-trading

Investment bank Morgan Stanley has hired Andrew Silverman, formerly head of algorithmic trading at Goldman Sachs, to lead its electronic trading business in the US.

Silverman has joined Morgan Stanley as a managing director and head of US electronic trading distribution.

He spent 14 years at Goldman Sachs, most recently as head of its algorithmic trading business in the US.

In his new role Silverman will report to Richard Portogallo, head of US equities, Morgan Stanley.

According to press reports, Jerker Johansson, global head of Morgan Stanley's institutional equities division, reorganised the unit earlier this year after more clients switched to automated trading. Matt DeSalvo, a 20-year Morgan Stanley veteran, was appointed to drive profitability in the business.

The bank has also transferred Scott Stickler into prime brokerage sales from the electronic trading group. Brian Fagen, Morgan's former head of electronic trading and portfolio sales, recently moved across the Street to Lehman Brothers

Earlier this year Morgan Stanley cut around 50-60 equity research jobs after increased use of electronic and direct access trading services by buy-side clients hit commissions.

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