Morgan Stanley names new co-heads of investment banking – memo

The company brand of economic agency Morgan Stanley is pictured on the corporate’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton

NEW YORK, July 11 (Reuters) – Morgan Stanley (MS.N) has named Eli Gross and Simon Smith as the brand new world co-heads of funding banking, as a part of a management shakeup on the high of one among Wall Road’s strongest offers advisory group.

The present funding banking heads, Mark Eichorn and Susie Huang, have been elevated to government chairs of the division to guide a newly fashioned group of senior bankers, based on an inner memo seen by Reuters. A spokesperson from the financial institution confirmed the contents of the memo.

Of their new roles, Einhorn and Huang will likely be tasked with deepening the financial institution’s dealmaking efforts throughout business teams and geographies, based on the memo.

Smith has spent the previous seven years main Morgan Stanley’s European funding banking franchise, the memo stated. Gross headed funding banking for transportation, freightech, logistics and infrastructure, based on his Linkedin profile.

The brand new funding banking heads will proceed to accomplice intently with Mo Assomull, who will proceed to run world capital markets, the memo stated.

Morgan Stanley has suggested on a number of high-profile offers this yr, together with Broadcom’s $69 billion acquisition of VMWare. It is usually advising Elon Musk, who had signed an settlement to purchase Twitter for $44 billion earlier this yr, earlier than asserting final week that he longer wished to go forward with the deal.

The management reshuffle comes at a time when dealmaking is confronted with a near-term slowdown, amid fears of a recession. Mergers and acquisitions (M&A) volumes fell sharply within the first half of the yr, as Russia’s invasion of Ukraine rattled world markets.

Based on Dealogic, M&A volumes plunged by 1 / 4 to $1 trillion. learn extra

The Monetary Occasions reported concerning the adjustments at Morgan Stanley earlier on Monday.

Reporting by Saeed Azhar in New York; enhancing by Jonathan Oatis

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