Morgan Stanley poaches Ronan McCullough from Goldman Sachs

Morgan Stanley has hired Ronan McCullough from Goldman Sachs to head its bond and loan syndicate for Asia-Pacific. He is also expected to be closely involved in investment grade and high-yield bond origination across the region, said sources.

McCullough joins Morgan Stanley as an executive director, reporting to Vinay Jayaram and Julien Begasse, who are co-heads of fixed-income capital markets.

McCullough is currently on gardening leave and is expected to join Morgan Stanley in October, according to people familiar with the appointment. Morgan Stanley's debt syndicate team currently comprises Jayaram and one other person. Jayaram also covers debt capital markets origination. McCullough is not replacing anyone at Morgan Stanley -- his role is newly created.

McCullough had been with Goldman Sachs for 11 years, most recently as an executive director and head of debt syndicate for Asia. He was also responsible for origination of investment grade bonds.

A Goldman Sachs spokesperson said the firm has not yet announced a replacement for McCullough. Sources said this is a key position for Goldman and a senior resource will be mandated for the role.

Morgan Stanley had no comment on the appointment.

As per Dealogic's bookrunner league tables for debt capital markets (excluding supranationals and asset-backed securities/mortgage-backed securities), Morgan Stanley ranks fourth in 2009 year-to-date, up from seventh for calendar 2008. Large DCM deals Morgan Stanley has been involved in this year include: a $4.5 billion fundraising for Petronas, which comprised a $3 billion traditional bond and a $1.5 billion sukuk; a $1.5 billion bond for Export Import Bank of Korea; and a $500 million bond for Singaporean firm ST Engineering.