Morgan Stanley Reshuffles Rates Unit, Promotes New York Pair

(Bloomberg) -- Morgan Stanley has promoted David Flowerdew and Nicolas Levi to co-head its global interest rates business.

A spokesman for Morgan Stanley confirmed the appointments.

Flowerdew took over as head of so-called macro trading for North America in 2019 and previously oversaw U.S. treasury and swap trading. Levi was head of sales and trading capital and funding in New York.

Andrew Millward, who was previously in charge for macro trading for Europe, the Middle East and Africa, left the bank in May after about a decade at the firm.

Wall Street banks’ rates-trading units deal in products tied to interest rates, such as government bonds and derivatives. The industry reported a “significant improvement in revenues” last year amid the turmoil brought on by the coronavirus, according to Coalition Greenwich.

Fixed-income trading revenue at Morgan Stanley rose 44% in the first quarter from a year ago, although rates and foreign exchange saw lower revenues, the bank said in April. The bank had the best year on record in 2020.

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