Morgan Stanley's Fleming Is Said to Lure Heaton for Wealth Unit
Heaton will join Morgan Stanley’s wealth management business in a senior role, according to the person, who declined to be identified because the company hasn’t publicly announced the hiring. John Gallagher, a spokesman for Frankfurt-based Deutsche Bank, declined to comment. So did Christy Pollak, a spokeswoman for New York-based Morgan Stanley.
During his three years at Deutsche Bank, Heaton helped the German lender break into the top ranks of the investment-banking business in the U.S. Deutsche Bank was the fifth-largest adviser on mergers and acquisitions of financial companies in the Americas during the past 12 months, according to data compiled by Bloomberg. That compares with a ranking of 44th in 2008.
Heaton’s team at Deutsche Bank worked on some of the firm’s largest American deals, including ING Groep NV (INGA)’s $9 billion sale of its U.S. online bank to Capital One Financial Corp. (COF) in February.
The banker spent most of his career at Merrill Lynch & Co. In 2007, he was named treasurer of the firm, a role he filled until the company’s takeover by Bank of America Corp. in 2009.
A month after the sale was completed, Heaton led a team of 12 Merrill financial-services bankers who defected to Deutsche Bank. Their former employer sued Deutsche Bank over what it called a hiring “raid.”
At Morgan Stanley, Heaton will reunite with Greg Fleming, the former Merrill Lynch president who now oversees Morgan Stanley’s wealth management business.
Two of Heaton’s brothers, David and Seth, moved with him from Merrill Lynch to Deutsche Bank. David Heaton, who is Eric’s twin, joined Morgan Stanley in 2010.