Morgan Stanley followed up on a 15-month reorganization of its equities and fixed income groups by reorganizing again, this time to split up trading from the capital markets professionals who face clients and create new regional heads of the institutional securities business.

According to an internal memo obtained by Financial News, Morgan Stanley is creating a new group, called Institutional Securities Sales and Trading, which is to be run by new head of trading Neal Shear and new head of clients and services Jerker Johansson. Johansson's mandate also oversees sales.