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A rising star at Morgan Stanley who helped turn around an ailing business has landed a big promotion

A rising star at Morgan Stanley just nabbed a big promotion at the New York investment bank, according to a memo reviewed by Business Insider.

Ted Pick, who led the firm's institutional equities business, is set to oversee the Institutional Securities Group, a business with 9,000 workers spanning sales and trading, investment banking, capital markets, and research. He joined the bank after graduating college in 1990, and has quickly risen through the ranks.

Notably, Pick helped revive the firm's fixed-income business, according to the memo penned by chief executive James Gorman and Colm Kelleher, the president of the bank.

A $4.5 billion corruption scandal allegedly linked to a Goldman Sachs exec is coming to an end

Malaysian police have issued an arrest warrant for Jho Low, the fugitive financier they believe is at the center of a corruption scandal that syphoned $4.5 billion from Malaysia's sovereign wealth fund, according to Reuters.

Low was last seen in Hong Kong but is believed to have fled to nearby Macau by ferry, according to the South China Morning Post.

Separately, Tim Leissner, a former Goldman Sachs partner and Southeast Asia chairman, is negotiating with American prosecutors over a potential guilty plea regarding his alleged role in the scam, according to the Wall Street Journal. Goldman earned $600 million in fees from the sale of bonds for the fund, called 1MDB.

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