Morgan Stanley (MS), the top equity underwriter last year, named Dan Simkowitz to co-lead the firm’s capital markets unit.
Simkowitz, who had been chairman of the unit, will run the group with current head Raj Dhanda, according to an internal memo from investment banking co-chiefs Franck Petitgas and Mark Eichorn. Mary Claire Delaney, a spokeswoman for the New York- based bank, confirmed the contents of the memo.
Morgan Stanley generated $2.56 billion in revenue from debt and equity underwriting last year, as it ranked first among equity offerings and initial public offerings. Revenue climbed 3 percent from 2011, the smallest increase among the five largest Wall Street banks, as equity issuance volume fell and debt issuance soared to a record.
Simkowitz, 47, has worked on equity underwriting deals including the IPOs of General Motors Co. (GM) and Facebook Inc. His background differs from Dhanda, who ran the debt syndicate unit before taking control of the capital markets division.
Dhanda was named to run capital markets with John Hyman and Ted Pick in 2008. Dhanda has led the business on his own for the past three years after Pick moved over to lead the equities- trading business and Hyman left the firm.
The New York Times reported the promotion earlier today.
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