Pick joined Morgan Stanley in 1990 and held senior posts within global capital markets before starting to run global equities - which he has done for the past six years.

"Combining institutional equities, fixed income and research under Ted will better position the firm to serve our clients and bring stronger coordination across all product groups," Morgan Stanley said in a note seen by Family Wealth Report.

Mike Heaney and Rob Rooney have started an “important turnaround” of Morgan Stanley's fixed income business, the firm also said, and will report to Pick going forward.

Meanwhile, Simkowitz will be responsible for traditional asset management, alternative investments and merchant banking. He also joined Morgan Stanley in 1990 and has spent his time in capital markets and M&A.

Simkowitz will report to chairman and chief executive James Gorman, and Pick will report to Colm Kelleher, president of investment banking and trading.

In a separate but related memo, Morgan Stanley said Mo Assomull will become the firm’s sole head of global capital markets.