Morgan Stanley (NYSE: MS) announced today that Jack DiMaio will join the Firm as the Global Head of Interest Rate, Credit and Currency trading. Mr. DiMaio, who has more than 20 years experience in the bond and credit markets and previously served as the Head of Fixed Income (North America) at Credit Suisse as well as the Head of Alternative Investments at Credit Suisse Asset Management, will also join Morgan Stanley’s Management Committee. He will report to Michael Petrick, Global Head of Sales and Trading.
Long live the prop desk.
Full statement here.
Mr DiMaio is more recently known, though, as the co-founder of DiMaio Ahmad Capital LLC – the $2bn credit-specialist hedge fund outfit and $1bn structured products manager. It’s not often that you get hedge fund managers reverting to banking.
So keen to nab DiMaio was Morgan Stanley, however, that it took a stake in DiMaio Ahmad LLC. DiMaio resigns as a principal in the fund, but keeps a seat on its advisory board.