Former Morgan Stanley bankers start new boutique
Feb 22 (Reuters) - A group of former Morgan Stanley investment bankers has started a boutique firm with the hope that smaller is now better on Wall Street.
The group includes Gordon Dean, who was a vice chairman of investment banking at Morgan Stanley, Mark Bradley, who chaired the firm's private equity group, and Nicholas Osborne, who ran the mergers-and-acquisitions work focused on technology.
The firm is called Dean Bradley Osborne Partners. Also with the firm are Bryan Andrzejewski, a corporate finance specialist, and Rob Berner, who was an adviser to private equity firm CVC Capital Partners after having been at Morgan Stanley.
The bankers hope that the firm's small size will allow them to operate more as entrepreneurs and spend more of their time focused on clients.
The firm already has won one deal. It is working alongside Morgan Stanley in advising URS Corp in its acquisition, announced Monday, of Flint Energy Services Ltd.
Osborne told Reuters that the partners will not be trying to hire others away from Morgan Stanley.
Deleveraging in the financial system is pressuring large Wall Street firms to cut operating costs, which is spurring new waves of personnel defections, as well as layoffs, as the industry tries to adjust its business models.