April 9 (Bloomberg) -- Morgan Stanley’s Alex Glantz and Todd Davison, co-heads of media investment banking in North America, are among at least four bankers to leave the firm since bonuses were awarded in late February, people briefed on the matter said.
Glantz, 42, and Davison, 41, will join Centerview Partners LLC, the investment bank founded by Blair Effron and Robert Pruzan, said two people, asking to remain anonymous because the moves aren’t public. Brian Silver, a managing director in the health-care banking group, also left for Perella Weinberg Partners LP, two people said. The trio have yet to begin their new jobs as they’re on garden leave, the period workers must wait before joining competitors.
Morgan Stanley deferred all bonuses for employees who have both total pay of more than $350,000 and incentive compensation of at least $50,000, a person briefed on the matter said in January. Compensation costs at the investment banking and trading division fell 8 percent in 2012 even as revenue climbed 11 percent, excluding accounting charges.
The firm wasn’t alone in cutting and deferring pay last year. Average 2012 pay for bankers in underwriting and advisory roles ranged between 10 percent lower and 5 percent higher, according to a report last month from compensation consultant Johnson Associates Inc. The report said bankers are more reluctant to switch firms than in previous years.
Morgan Stanley ranked third in mergers and acquisitions that involved North American media companies in 2012, according to data compiled by Bloomberg. There were $58.7 billion of such deals last year, less than half that of 2007, the data show.
Davison and Silver, 44, both joined the bank in 1998, according to employment records with the Financial Industry Regulatory Authority. They became managing directors in 2007 and 2005, respectively. Glantz was hired by New York-based Morgan Stanley in 2000, and rose to managing director by 2006.
Spokesmen for Morgan Stanley, Perella Weinberg and Centerview declined to comment. Davison, Glantz and Silver didn’t return calls seeking comment.
Lyle Ayes left Morgan Stanley to join Evercore Partners Inc., the advisory firm founded by Roger Altman, two people with knowledge of the matter said last week. Ayes had worked in several industries, including health care.
Separately, Laura Howard, who has co-run the European health-care team at Morgan Stanley, is moving to Hong Kong as a senior adviser and will continue to work with health-care clients, two people with knowledge of the matter said. Thomas Sheehan will continue to run the group in Europe, the people said.
Davison advised Comcast Corp. on its purchase of the remaining 49 percent stake in NBC Universal from General Electric Co. earlier this year. Glantz headed a Morgan Stanley team that served as lead financial adviser to private-equity firm Permira Advisers LLP in its acquisition of Renaissance Learning Inc. in 2011.
Silver advised Pharmaceutical Product Development Inc. on its 2011 buyout by two private-equity firms. Morgan Stanley ranked third on global deals involving pharmaceutical and health-care companies in 2012, data compiled by Bloomberg show.
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