Morgan Stanley’s institutional equities head David Russell to retire

(Reuters) – Wall Street giant Morgan Stanley’s global co-head of institutional equities David Russell would be retiring after 32 years with the investment banking powerhouse, according to an internal memo seen by Reuters on Monday.

Following the retirement, effective at the end of the year, Alan Thomas and Gokul Laroia will continue as global co-heads of the unit. Laroia will also continue to serve in his current role of chief executive of Morgan Stanley Asia Pacific, the memo added.

Trading has been a bright spot for the bank this year amid a slump in core revenues from investment banking in the backdrop of icy global markets that have brought dealmaking to a halt.

Morgan Stanley’s institutional equity division caters to global institutions with a suite of offerings that include trading of equities and equity-derivatives.

Russell who joined the bank back in 1990 in its London office as a cash trader has since held multiple roles in the equity division, including managing director in 1998 and head of equities trading in EMEA in 2005.

(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)