Joseph Sarcona has been promoted to a global derivatives position at Morgan Stanley as the firm nabs Gabriel Butler from Bank of America Merrill Lynch, three sources close to the matter have confirmed.
Sarcona, who has been with Morgan Stanley for almost 13 years, will move back to New York around August to take the reigns of the firm’s derivatives electronic trading business.
Butler – until last week head of electronic trading sales at Bank of America Merrill Lynch – is understood to presently be on gardening leave, and is expected to start his new role at Morgan Stanley as head of electronic trading for Asia ex-Japan in June.
Sarcona has been based in Hong Kong since 2007. Reporting to Zach Tuckwell, Asia head of electronic trading, listed derivatives and program trading, he is presently executive director of the firm’s institutional equities division responsible for electronic trading for Asia ex-Japan.
When contacted by telephone, neither Sarcona or Butler would offer any comment on the matter.