Hedge Fund Founder DiMaio Out At Morgan Stanley

Jan 14 2011 | 1:20pm ET

Jack DiMaio's return to the sellside has come to an end after just a year-and-a-half.

DiMaio, co-founder of hedge fund DiMaio Ahmad Capital, is leaving Morgan Stanley after just a year-and-a-half as global head of interest rate, credit and currency trading as part of a major shakeup at the firm. He'll be replaced by Ken deRegt, the chief risk officer, who will seek to do what DiMaio could not: speed up the recovery of Morgan Stanley's fixed-income business.

It is not clear what DiMaio's plans are; Morgan Stanley said simply that he has decided to return to the buyside. DiMaio Ahmad is still in business—Morgan Stanley took a stake in the firm when it hired DiMaio, who remained on its advisory board.

"We wish him well and look forward to working with him as a client in the future," Morgan Stanley CEO James Gorman said.

DiMaio joined Morgan Stanley in June 2009, recruited by former CEO John Mack. DiMaio worked for Mack at Credit Suisse when he was head of fixed-income and Mack was CEO.

Gorman also named asset management chief Gregory Fleming head of retail brokerage operations. Fleming with remain head Morgan Stanley Investment Management.

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