Morgan Stanley has hired former Citi electronic execution chief Richard Evans as its new head of European delta one strategies.
According to sources familiar with the situation, Evans, who left Citi in November 2008, will join Morgan Stanley in his new role by the end of this month.
Evans’ last role at Citi was as group head of electronic execution services. Evans also represented the bank on the board of directors at Turquoise, the pan-European multilateral trading facility backed by nine banks including both Citi and Morgan Stanley. Turquoise was recently reported to have engaged Swiss bank UBS to identify potential purchasers.
Banks’ delta one desks typically develop strategies, often derivatives-based, that secure exposure to a basket of equities for institutional clients in a single product.