Summary List PlacementA star Morgan Stanley credit trader is leaving for the buy-side.
Shawn Joshi, the head of credit index trading at Morgan Stanley, has resigned from the bank, according to people familiar with the matter.
He’s set to join Compass Rose Asset Management, the people said, a credit-focused hedge fund founded in 2017 that managed $1.9 billion in assets as of July 2020, according to regulatory filings.
A Morgan Stanley spokesman declined to comment. Representatives at Compass Rose did not immediately respond to requests for comment. Joshi declined to comment.
It wasn’t immediately clear what role Joshi will have at Compass Rose or when he will start. He joined Morgan Stanley in fall of 2018 after rising to managing director at Goldman Sachs, where he traded derivatives, namely credit-default-swap indexes.
Morgan Stanley is coming off of a monster year in fixed-income trading. The division had the largest percentage increase in revenue among peers in 2020, rising 59% to $8.8 billion — its highest mark in a decade.
While the unit had strong performance across the board, sources told Insider that Joshi was consistently a top producer within the unit and that his team had another strong year in 2020. SEE ALSO: How a decade of repairing Morgan Stanley after the financial crisis made James Gorman the highest-paid CEO on Wall Street
SEE ALSO: A Morgan Stanley credit desk has reaped nearly $1 billion thanks to a surge in corporate borrowing and bond-portfolio trading
Join the conversation about this story » NOW WATCH: Here’s what it’s like to travel during the coronavirus outbreak
Read More