Morgan Stanley hires Barclays’ Dierks for covered bond strategy

Morgan Stanley is hiring Leef Dierks from Barclays Capital as its head of covered bond strategy, according to three people familiar with the matter. Dierks will join the US investment bank’s London office in January after working for Barclays in Frankfurt, said the people, who declined to be identified before a public announcement. He will report to Laurence Mutkin, Morgan Stanley’s head of European fixed-income strategy. Marc Hazelton, a London-based spokesman at Barclays, and Morgan Stanley spokesman Sebastian Howell declined to comment.Covered bonds are notes that package mortgages or public- sector loans into securities that also have the issuer’s promise to pay.