Morgan Stanley (MS), the sixth-largest U.S. bank by assets, named Wylie Collins to head its client- solutions group after David Moffitt, who led some of the businesses, left the firm.
Collins, a vice chairman in Morgan Stanley’s capital markets unit, will oversee the group in the Americas, according to an internal memo from capital markets head Raj Dhanda that was obtained today by Bloomberg News. Mark Lake, a spokesman for New York-based Morgan Stanley, confirmed the memo’s contents.
The client-solutions group has facilitated sales of securitized assets, such as State Street Corp.’s divestiture of $11 billion of mortgage-backed securities last year and private- equity placements. Morgan Stanley generated $4.3 billion of revenue from investment banking last year, which accounted for 26 percent of the institutional securities group’s revenue.
“Our investment in this business area further develops our ability to cover institutional clients across asset classes and better positions us in these growing segments of the capital markets,” Dhanda wrote in the memo.
Collins was hired last year to develop corporate-client relationships in the capital-markets business after more than 25 years at Merrill Lynch & Co., where he was head of Americas debt capital markets.
Moffitt, 49, who was hired in November 2009 to lead the credit-solutions business as Morgan Stanley prepared for a pickup in securitized debt sales, left the firm, Lake said. Moffitt previously oversaw structured-product sales in the fixed-income division at Merrill Lynch.
Collins will oversee a business that includes the financial -institutions solutions unit led by Kevin Ryan and Don Callahan, the liability-management group headed by David Parsons and the corporate-strategies and pension-solutions unit led by Caitlin Long, according to the memo. The credit-advisory group, headed by Dotti Lee, and the closed-end funds unit, led by Sue Portelli, will also report to Collins, according to the memo.
David Barrett, who leads the firm’s private capital markets business, will also report to Collins, in addition to John Moore and Paul Donahue, Morgan Stanley’s co-heads of equity capital markets, according to the memo. The bank is planning to add a debt private-placement business by September, Dhanda said in the memo.
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