Morgan Stanley announced in a memo to employees yesterday that its head of fixed income, Ken deRegt, is leaving the firm.

The move follows a tough quarter for the bond trading unit that deRegt oversees. He is to be replaced by Michael Heaney and Robert Rooney, who will become global co-heads of fixed income sales and trading, the firm stated in a separate memo.

Morgan Stanley's fixed-income head to retire

At least five people have run the US investment bank's fixed-income division since 2007

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