Beyond the technology implementations and rollout schedules designed to transform Morgan Stanley Investment Management's trading desk, the MSIM mentality has been upgraded as well, and the Trading Renovation team has worked together to accomplish this.

"What I learned on the sell side is that in order to affect change, you need to do it collectively and in a partnership," says Ray Tierney, global head of equity trading, MSIM. "Once we all came here, the sense of team or partnership truly came about. Now, we don't all agree all the time, ... but once we leave these rooms and go about doing what we need to do, that's a sign of a partnership and an organization that actually is moving in the right direction."

Tierney adds that this level of change goes beyond one leader all the way through to a broader collective buy-in. "It isn't just one person who has an idea of culture and change; it's a collective group of people that buys in to it. You can't do it with one person," Tierney insists. "We have to have a strong system at the top and then a strong support system to believe in what we're doing." --C.M.

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Cover Story

Inside Morgan Stanley's Buy-Side Trading Desk Overhaul
Morgan Stanley Investment Management takes Advanced Trading inside its ambitious project to revamp the buy-side trading desk.

Sidebars

Morgan Stanley Invests in Its People
MSIM has developed a Trader Development Program to ensure the continued educational development of the people on its desk.

Characteristics of a Successful Project
Peter Cooke, executive director, head of project and business management, Morgan Stanley Investment Management, offers five characteristics of a successful enterprise project