• Pair are named co-heads at AIP private-market secondaries
  • Costello said to join Park Hill unit at Taubman’s PJT

Morgan Stanley named John Wolak and Nash Waterman to lead an operation that helps institutional clients and wealthy individuals take stakes in investments including private equity funds.

Wolak, a managing director, retains his responsibility as head of the Alternative Investment Partners private markets team, and adds the duty of co-head of the AIP private-market secondaries team, according to Mary Claire Delaney, a spokeswoman for New York-based Morgan Stanley. He’ll share responsibilities with Waterman, an executive director and portfolio manager, Delaney said.

The pair are taking duties previously handled by Jonathan Costello, who is joining PJT Partners Inc., the investment bank founded by Paul J. Taubman, according to a person familiar with the move. Costello will be a partner at PJT’s Park Hill Group, said the person, who asked not to be identified discussing a personnel matter.

Park Hill is led by Daniel Prendergast and advises investors on where to place capital, such as in real estate or private equity funds. The unit was previously burned by losses tied to Andrew Caspersen, who pleaded guilty last month to securities fraud for scamming clients out of millions of dollars. Taubman has said that disruptions tied to Caspersen were “extraordinarily modest” and PJT’s stock has rebounded since the rogue banker’s departure.

Julie Oakes, a representative for PJT at Joele Frank Wilkinson Brimmer & Katcher, declined to comment. Fortune previously reported Costello’s hiring.

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