Cazenove, the UK investment bank, has poached Morgan Stanley's head of cash sales trading in Europe as its new head of equities in the hope that he can reverse the decline in the bank's revenues.

Alan Carruthers, who worked for Goldman Sachs prior to Morgan Stanley, will replace Martin Wonfor, who is retiring from the bank in October. He will be part of the executive committee and report to Robert Pickering, chief executive officer.