Steven Galbraith, one of Wall Street's top market strategists, is leaving
to become a principal in a big New York hedge fund.
Galbraith, who had served as chief U.S. strategist at Morgan Stanley for the past four years, is joining
, a $7 billion hedge fund, according to an internal brokerage firm memorandum. In recent years, some have called Galbraith one of Wall Street's best market soothsayers.
Morgan Stanley is moving swiftly in replacing Galbraith. Henry McVey, the firm's respected financial services analyst, will take over the post, according to the firm memo. McVey, one of Morgan Stanley's top analysts, has been with the firm since 1993.
The firm has not said who will succeed McVey as the analyst covering the financial sector. Diana Quintero, a Morgan Stanley spokeswoman, declined to comment.
The news of Galbraith's departure was first reported by