Teun Draaisma, Morgan Stanley’s top-ranked European equity strategist, is leaving after 13 years at the U.S. bank to start a hedge fund for investment company TT International.
Following Draaisma’s departure, Graham Secker will head the bank’s European equity strategy team, which also includes Ronan Carr, said Sebastian Howell, a London-based spokesman for Morgan Stanley. Draaisma joined Morgan Stanley in 1997 and was voted best European equity strategist in the 2009 Thomson Extel survey.
In December, Draaisma was the only strategist among 16 surveyed by Bloomberg to forecast a retreat in European stocks by the end of 2010. He raised his recommendation on the region’s equities to “overweight” from “underweight” on May 10 to “take advantage of the recent weakness.” The benchmark Stoxx Europe 600 Index slumped 15 percent from this year’s high on April 15 to May 25 amid concern that Europe’s debt crisis may derail the economic recovery.
Draaisma was joint head of European strategy with Ben Funnell from 2003 until 2006, when Funnell moved to hedge fund GLG Partners Inc. A call to TT International was referred to the marketing department, where no one was immediately available to comment.