Morgan Stanley’s (NYSE:MS) Head of ‘European Foreign Exchange and Emerging Markets’ Leaves for BlueCrest Capital Management

Marcin Wiszniewski, who led the European foreign exchange and emerging markets trading arm of Morgan Stanley (NYSE:MS) has left the company to join hedge fund BlueCrest Capital Management.

Morgan Stanley has lost four senior traders this year, including Wiszniewski, as downward pressure on pay and bonuses, along with restrictions on proprietary trading make it less desirable to work at the major banks any longer for a growing number of people.

This trend was forecast by a number of people, and has been increasing in practice the more regulation there is proposed for the industry.

Another reason thought to be part of the exodus from large banks is the intense scrutiny from lawmakers, which working for a hedge fund largely avoid, as they operate under different structures, rules and guidelines. Hedge funds offer much lower visibility than the large banks do, something a growing number of traders prefer.

Wisniewski took over this particular trading desk when former co-heads of the unit also left for a hedge fund, when Bart Turtelboom and Karim Abdel-Motall joined GLG Partners. Since July 2008 Wisniewski has run the desk.

Replacing Wiszniewski will be Chris Nicoll, who came back to Morgan Stanley from another hedge fund company Moore Capital. Joining Nicoll as co-head of the trading desk will be Andrew Millward, who was recruited from JPMorgan (NYSE:JPM) earlier in 2010.

Wiszniewski will as manager of the BlueCrest Emerging Markets Fund which runs a portfolio worth about $500 million. He will start with BlueCrest on May 10.