Morgan Stanley's Singapore macro team lost a lot of people: "It's unprecedented"
When we wrote this week that Morgan Stanley's top rates trader in Singapore had left the bank despite only being made MD in January, we were unaware of some facts. Sahil Aggarwal is not the only person to have left Morgan Stanley's Singapore macro team. There have been many others.
Sources at the bank say that at least 16 people have left the bank's macro team, culminating in Aggarwal's own disappearance. The reason for all the exits is not clear. Morgan Stanley declined to comment.
💥Follow us on WhatsApp for news alerts.💥
Some, like Aggarwal himself, have left in recent weeks. Many are in macro sales. David Massey and Timothy Wong are understood to going to Barclays and BMO respectively. Chris Lai is thought to be on his way to Goldman Sachs. Garrett Teo is thought to be going to Citi. Natan Eskin is understood to have resigned. So too has Tim Wong. Zane Yang went to Deutsche Bank in May. Arthur Baker, the head of FIC macro distribution for Asia, left last September.
Beyond sales, sources also point to departures in trading. Amitabh Kumar left in April and is thought to be going to a fund. Rikhil Aggarwal went to Welwing Capital last September. Ivan Lai went to Dymon Asia a few months ago. Lai followed Brett Tobianksy, who also went to Dymon in February 2025.
Not all the people who've left have resurfaced, but headhunters are understood to be busy amidst all the movement. Morgan Stanley is also thought to be hiring but "it takes time" according to one insider. Some described the exits as an "exodus". "It's unprecedented," said one senior insider.
The departures may simply reflect a contagious desire to see what's on offer elsewhere. There are unconfirmed suggestions that some of those who left were dissatisfied with pay.
Follow me on X. Follow me on LinkedIn.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
