Morgan Stanley (MS)’s David Barrett, who oversaw a unit that raised money for hedge funds and private companies, is leaving after 22 years to look for a job outside banking, two people with knowledge of the matter said.
Barrett ran the New York-based firm’s private capital markets business, where he reported to client-solutions head Wylie Collins and equity capital markets co-heads John Moore and Paul Donahue. Barrett is considering positions at several hedge funds, said one of the people, who asked not to be identified because the information hasn’t been made public.
Since 2008, Barrett developed and led a new business at Morgan Stanley raising money for hedge funds in exchange for fees, the people said. Previously, the bank’s efforts to help the funds raise capital were limited to investor introductions, a free service provided as a courtesy, one of the people said. Raj Dhanda oversees the business as Morgan Stanley’s head of global capital markets.
Clients included London-based Brevan Howard Asset Management LLP, SAC Capital Advisors LP in Stamford, Connecticut, and Tiger Management LLC and KLS Diversified Asset Management LP, both based in New York, the person said.
The private capital markets unit also catered to companies. In July 2011, the unit assisted retailer Michael Kors Holdings Ltd. (KORS) in selling $500 million of equity to investors in a private sale. Morgan Stanley led the retailer’s initial public offering in December, which raised $944 million, or 19 percent more than planned.
Barrett joined Morgan Stanley in 1986 and worked there through 2004, when he was recruited to Merrill Lynch & Co., according to Financial Industry Regulatory Authority records. He returned to Morgan Stanley in March 2008 as head of hedge fund strategic consulting, according to a press release at the time.
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