Morgan Stanley named Brian Wynne and Charlie Visconsi to replace Stratford Shields when he steps down Sept. 1 as head of public-finance, according to Michael Heaney, global head of credit.
Wynne, the unit’s second-in-command, and Visconsi will take over as co-heads, Heaney said yesterday in a memo. With the New York-based company for 23 years, Wynne has been Shields’s deputy since 2008 while Visconsi, a 14-year employee, has been co-head of the bank’s Infrastructure East Group since 2007.
Shields, who has run the department for five years, will remain with the firm working with municipal issuers as a senior banker in the Chicago office, Heaney said. Shields has split his time between that city and New York. While putting Morgan Stanley in the top four rankings of muni underwriters for several years, Shields also helped the bank land as much as 10 percent of the negotiated new-issue market, Heaney said.
“These rankings and market share are a testament to both his leadership as well as the tremendous talent within the public-finance department,” Heaney said in the memo. “Brian and Charlie have complementary skills and together will lead the business to continued success.”
Shields sought a change that would let him reside full-time in Chicago, Heaney said. The department at the sixth-largest U.S. bank by assets provides financial services for municipal-debt issuers. The company also controls Morgan Stanley Smith Barney, the world’s largest brokerage.