Morgan Stanley (MS) appointed Salvatore Orlacchio as head of European fixed-income sales to replace Darragh McCarthy, who left after 18 years with the New York- based bank.

Orlacchio, who became head of European rate sales last year, will report to London-based Robert Rooney, who is head of fixed income for Europe, the Middle East and Africa, and global head of fixed-income client coverage, according to Sebastian Howell, a Morgan Stanley spokesman in London.

McCarthy was relocated to London last year from New York, where he held positions including U.S. head of fixed-income sales.

Morgan Stanley’s fixed-income underwriting business generated $1.36 billion in revenue (MS) last year, 32 percent of the company’s investment-banking total.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net