Apollo Management, the private equity investment firm, this week hired former top Morgan Stanley (MS.N: Quote, Profile, Research) fixed-income executive Neal Shear, a spokesman for Apollo said on Thursday.
Shear will lead a new commodities trading business that will work with Apollo’s private-equity and capital markets units, according to Bloomberg, which reported the story earlier Thursday.
Apollo declined to comment on Shear’s job duties at Apollo, an investment firm run by legendary dealmaker Leon Black.
Shear was one of several executives forced out by the second-largest investment bank for their role overseeing fixed income trading, a business that generated $7.8 billion of losses from poorly executed mortgage trades.
Shear, who lost his job as global fixed income chief last fall, briefly served as commodities chairman before quitting in March.
Over 26 years, Shear rose through the Morgan Stanley ranks as commodities trader. He is credited with helping build Morgan Stanley among the world’s largest traders of precious metals and energy.
In 2005, the year he received a $16 million bonus, Shear was put in charge of all fixed income, currencies and commodities trading.
(Reporting by Joseph A. Giannone, editing by Maureen Bavdek)