Job Wrap: Crawford, Wheeler and McGinnis Quit Morgan Stanley
Despite (and in one case probably because of) the recent return of John Mack as CEO, Morgan Stanley continued to leak staff. Stephen Crawford, co-president of Morgan Stanley, said he was leaving the bank. His resignation was not entirely unexpected: Crawford was a close ally of former Morgan Stanley CEO Philip Purcell and stood to collect a redundancy package of at least $16m a year for two years if he quit before August 3rd.
In another Morgan Stanley departure, Evercore Partners, a private equity firm and M&A boutique, hired Jane Wheeler as a senior managing director. Wheeler was most recently managing director heading Morgan Stanley's securities and financial technology investment banking business.
AIG Financial Products, the securities and investment banking division of insurance giant American International Group, also targeted the Morgan Stanley. It said James McGinnis, a managing director in the bank's global energy and utilities group, joined as a managing director of its energy banking team.
Morgan Stanley also made a hire. Thomas Nides, president and chief executive of Burson-Martseller, the public relations firm, joined the firm as chief administrative officer. Nides worked with new Morgan Stanley CEO John Mack at Credit Suisse First Boston.
Elsewhere, Robert Willumstad resigned as number two at Citigroup. Willumstad had aspired to become Citigroup CEO but was beaten to the post by Charles Prince.
Investment Banking: Rothschild Hires for Telecoms and Utilities
Rothschild made two investment banking hires. Christopher Lawrence joined from CSFB, where he was head of the investment banking telecoms group, as a vice chairman. Roger Wood joined from Citigroup as head of Rothschild's North American power and utilities practice.
Lehman Brothers hired John Rhea from JP Morgan as co-head of global consumer and retail investment banking.
Capital Markets: Banc of America Securities Hires from Goldman and UBS
Banc of America Securities hired Floyd Converse from Goldman Sachs to head its U.S. rates structuring group. It also hired Daniel Cummins from UBS as a vice president and a senior equity research analyst covering enterprise software stocks.
Stone & Youngberg (S&Y), a fixed-income securities firm, hired Jack Turner, a former managing director at Banc One Capital Markets, as head of its taxable fixed income department.
Asset Management: Fidelity Shifts DeSano
Fidelity Investments re-assigned Scott DeSano, head of its global equity trading desk. DeSano, who was investigated by federal authorities last year following claims that he favored certain brokers in return for lavish gifts, was renamed vice president of Fidelity's strategic new business development group.
Gabelli Asset Management hired Christopher Michailoff from the Securities and Exchange Commission as deputy general counsel.
Northern Trust hired Alex Ryer from Rhumbline Advisers as portfolio manager for the international equity index team.
Barclays Global Investors (BGI) appointed Matthew Scanlan, a BGI veteran who most recently managed the firm's institutional sales and service activities, as head of the America's institutional business.
Private equity: Colin Powell to California-based VC
Kleiner Perkins Caufield & Byers (KPCB), a California-based venture capital fund, named Colin Powell, former secretary of state, as a strategic limited partner.
Norwest Equity Partners hired Bruce F. Lohn from CTC Distribution Services as an operating partner.