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January 31, 2008

On The Move

By Editorial Staff

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Manny Santayana, a managing director who had been heading sales in the Americas for Credit Suisse's Advanced Execution Services product, has been promoted. Santayana now heads global sales for AES. He had run sales for the Americas since AES was launched in 2002. Santayana, a trading veteran who joined Credit Suisse when it purchased Donaldson, Lufkin & Jenrette in 2000, has held sales positions with State Street Global Advisors, Fidelity Investments and IBM. He reports to Steve Garnett, global head of the alternative execution product group. Santayana replaces Richard Balarkas, a 14-year veteran of Credit Suisse, who is joining Instinet Europe.

Wayne Wagner, a pioneer in trade-cost analysis, cut his ties last month to the firm he co-founded. Wagner, who launched Plexus Group in 1986, ended his relationship with Plexus/ITG. ITG purchased Plexus Group from JPMorgan in 2006. As a consultant to pension funds, money managers and brokers, Wagner was an early voice that pointed to how a variety of timing issues play a large role in the cost of trading equities. "I've been privileged to participate in some important breakthroughs that have saved investors billions of dollars," Wagner told friends in an e-mail. Wagner has testified before Congress on trading costs and written numerous books and papers on the subject. Early in his career, he participated in the design of the first index funds at Wells Fargo Bank. Wagner will continue to consult and to serve on various boards, but the 46-year veteran said he will also take time for "the serious pursuit of various dalliances, skylarks, horseplays and fooleries."

Morgan Stanley made changes at the top of its institutional sales and trading group, which handles equities and fixed-income securities. Mitch Petrick became global head of sales and trading, replacing Jerker Johansson and Neal Shear. Petrick, a Morgan Stanley employee since 1989, was previously head of corporate credit. Also moving into newly created top jobs were Rich Portogallo and Phil Newcomb, co-heads of the U.S. sales and trading. Portogallo, formerly in charge of Morgan Stanley's prime brokerage operation, was also made co-head of the clients and services division along with Jerry Wood. Both Wood and Newcomb come from Morgan Stanley's fixed-income operations.

Michael Costa and Chris Godvin joined UBS as sales traders in the bank's San Francisco office. They report to Timothy Gee, head of U.S. cash sales trading, as well as Matt Koob, head of UBS's San Francisco office. Costa was previously a sales trader at Banc of America Securities. Before that, he worked as a buyside equity trader at Merrill Lynch Defined Asset Funds. Godvin was previously a sales trader at Bear Stearns in San Francisco. Before that, he was a managing director at Schwab Soundview Capital Markets and Robertson Stephens.

Jim Cowles was promoted to run all equities products at Citi, including cash equities, equity derivatives and convertible bonds. Cowles was previously in charge of equities in Europe, the Middle East and Africa for Citi. Reporting to Cowles are Pete Santoro, head of global equities trading, and Joe Elmlinger, head of derivatives. Jim O'Donnell became co-head of the newly formed investor client group at Citi. O'Donnell was previously head of global distribution for equities, which encompassed research sales and sales trading. The investor client group merges the sales functions of Citi's equities, fixed-income,