Morgan Stanley Gets Back into Private Equity

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Morgan Stanley is getting back into private equity, creating a new unit within its Investment Management group. To lead the effort, the firm is bringing aboard Stephen Trevor, a managing director in Goldman Sachs's Principal Investment area, and moving Alan Jones from his role as head of Morgan's corporate finance department.

Trevor and Jones will focus on direct investments, joint ventures, leveraged buyouts and fund investments, and will oversee Morgan Stanley's infrastructure business as well, the firm said. They will report to Owen Thomas, president and chief operating officer of the Investment Management group.

Robert Scully, the bank's co-president, said Morgan Stanley is "assembling a team of top talent from both inside and outside the firm, and we are extremely pleased that these two very experienced executives will be leading our efforts."

The Wall Street Journal said Morgan Stanley plans to raise a multi-billion-dollar fund using money from both the bank itself and institutional investors, in addition to a separate fund that will invest in infrastructure investments.

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