Morgan Stanley

Morgan Stanley’s global head of equity trading, Peter Santoro, is leaving the firm, according to people familiar with the matter. 

He is expected to join hedge fund Millennium, replacing Hyung Soon Lee, the firm’s former equity chief, according to the people. 

Santoro did not return messages to his office line and mobile. Morgan Stanley and Millennium did not comment in time for publication. 

Santoro was promoted to global head of equity trading at Morgan Stanley in January 2016 after Sam Kellie-Smith took over the fixed-income business. Before that he was in charge of equity trading for the Americas.

Before that, he did stints at Citadel and Citigroup, according to his LinkedIn profile.

Equity trading is Morgan Stanley’s marquee business.

The division earned $8.04 billion in revenue in 2016, compared with $5.12 billion for fixed income trading. That total was down 3% from 2015. In the fourth quarter, the division earned $1.95 billion in revenue — compared with $1.5 billion in fixed income trading.

Izzy Englander’s Millennium manages about $34.8 billion as of the start of February, with more than 2,100 employees working across the US, Europe and Asia, according to the firm’s website. 

Millennium’s main fund posted its worst performance since 2008 in 2016, up just 3.3%, according to a Bloomberg News article from earlier this year.

Portia Crowe and Matt Turner contributed reporting.

SEE ALSO: Here’s the memo Morgan Stanley’s CEO sent out about Trump’s immigration ban

Join the conversation about this story »

NOW WATCH: The wealth of these 8 men equals the bottom 50% of the entire world