Morgan Stanley hires ex-Merrill Lynch exec

Morgan Stanley has hired former Merrill Lynch executive David Moffitt as the firm prepares for an upturn in the securitized debt sales market.

Mr Moffitt, 47, will lead Morgan Stanley's efforts in the capital market division as head of global credit solutions, according to an internal memo reported by Bloomberg.

He is due to take up the post from the beginning of December and will work alongside JD Pearce, who runs the bank's sales and trading operations.

Mr Moffitt's arrival is part of a wider drive by Morgan Stanley to secure a bigger part of the market.

It is reported that it will be hiring around 400 sales and trading employees, with the firm convinced that the sector is due to rebound next year.

Morgan Stanley is continuing to expand several areas of its operations.

Earlier this month, it hired six investment executives to serve wealthy clients in Latin America.

By Gary Cooper