Morgan Stanley's equity research boss in Europe steps down


Rupert Jones was in charge of a team named as the leading pan-European brokerage firm for equity and equity-linked research at the 2016 Extel awards.

His responsibilities have been taken up by Juliet Estridge, who was most recently the bank’s chief operating officer for European equities, the people said.

Morgan Stanley declined to comment on the move and it is unclear whether Estridge has taken on the role full time.

It is the second high-profile change in Morgan Stanley’s research division since late summer. In September, the bank lost Huw van Steenis, who led its bank research team in Europe, to UK asset manager Schroders, where he is now global head of strategy.

Banks’ research businesses face new challenges under incoming EU rules designed to shake up Europe’s trading industry. The revised Markets in Financial Instruments Directive, or Mifid II, will take effect in early 2018 and prevent fund managers from using their dealing commissions to pay for broker research.

Jones said in May that the changes meant banks “more than ever before” were being “rightly scrutinised” over the quality of the analysis they produced for buyside clients.

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