Fabrizio Gallo, Morgan Stanley's global head of equities, is leaving the Wall Street firm, according to a report in The Wall Street Journal.

The newspaper said that in a memo to staff on Friday, Morgan Stanley said Gallo, a 15-year veteran of the bank, was relocating to London to spend more time with his family.

In the memo, Morgan Stanley said Gallo, 49, would be succeeded by Luc Francois and Ted Pick as global co-heads of equities. The two men will oversee a group of stock traders and salespeople who collect commissions and other revenue for executing trading strategies for institutions, the paper said.

(Reporting by James Kelleher, editing by Jackie Frank)