Morgan Stanley taps Nilton David as Brazil trading head: sources

October 17, 2016 3:31 PM EDT

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SAO PAULO (Reuters) - Morgan Stanley, which recently rose to become Brazil's No. 2 broker by trading volume, has hired Nilton David as a managing director to head trading desk activities in the country, two people with knowledge of the matter said on Monday.

The people, who asked for anonymity because the decision has not been made public, said David's appointment had been announced to employees in an internal memo. David is joining Morgan Stanley from Canvas Capital, a São Paulo-based hedge fund where he was a partner.

A public relations executive working for Morgan Stanley's unit in São Paulo confirmed the appointment but declined to comment further.

David's hiring comes about a month after Bernardo Zerbini left as the head of Morgan Stanley's trading desk for Latin America, one of the people said. David also previously worked at Citigroup Inc, heading the foreign exchange volatility desk in the bank's global emerging markets division.

Morgan Stanley's Brazilian brokerage was second only to UBS AG in terms of trading volumes in the first nine months of the year, according to brokers, with a market share of about 11 percent.

(Reporting by Guillermo Parra-Bernal; Editing by Tom Brown)

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