A joint head of transition management at Morgan Stanley, Graham Cook, has left the firm.

Cook’s responsibilities will be assumed by Paul Seager, who as a fellow executive director was essentially running the transitions management business alongside Cook.

Morgan Stanley is understood to be feeling the pinch in a transitions management market where volumes are said to be down across the board. The local desk of the New York-based bank is a leader in transitions involving international assets on behalf of Australian clients, but is said to struggle for ASX-listed volume compared with names like Macquarie, UBS and Citi.

The head of institutional equity dealing, Ian Chambers, said Morgan Stanley maintained a full range of execution capabilities.

Morgan Stanley is one of the few investment banks not to have announced any cuts to local broker research team.