Theodore Lisec, a managing director in Merrill Lynch & Co.'s municipal trading operation, will step down at the end of the year, the company announced yesterday.

Lisec, who has worked at Merrill Lynch for more than 30 years, will leave in January. He plans to assume a "senior advisory role where he will continue to maintain relationships with clients," a statement from the company says.

Lisec will be succeeded by Joseph H. Moglia, who will be responsible for retail trading, institutional trading, underwriting, and risk management. Moglia will also be involved in managing secondary derivatives and the tax-exempt money market desk.

"Merrill Lynch has benefited from Ted and Joe's expertise and dedication in the past, and we will continue to benefit from their professionalism as we go forward, especially during this transition period," said Edward E. Sheridan, managing director and director of municipal markets at Merrill. Lisec and Moglia will both report to Sheridan.

Lisec, 58, began his career at Merrill Lynch in 1963 as an account executive specializing in municipal bonds. After a three-year stint as regional manager of municipal trading and underwriting in Atlanta, he was assigned to his present position in 1977.

Moglia, 44, was named director of global fixed-income sales in 1992. He joined Merrill Lynch as an institutional sales trainee in 1984 and became an account executive a year later. He was named fixed-income sales manager in the New York region in 1991.

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