LONDON, Sept 28 UK head Simon Robey is leaving
Morgan Stanley, according to an internal memo, the latest
veteran dealmaker to quit a large investment bank as a
persistent lack of deals hurts industry income.
Robey, who is currently Head of the UK and co-Chairman of
Global M&A (mergers and acquisitions) joined the bank in 1987
and will leave as of Jan. 1, 2013, according to the memo, a copy
of which was obtained by Reuters.
Robey would move to a newly established small firm, the memo
said, but it did not name the new outfit. A Morgan Stanley
spokesman confirmed the contents of the memo.
A spate of dealmakers, who have often served decades in
lucrative top positions, are leaving investment banks to pursue
their future at smaller independent firms.
Yoel Zaoui - co-head of global M&A at Goldman Sachs
and a 24-year veteran at the bank - left his job in April to set
up Zaoui Capital with his brother Michael, a long-serving Morgan
And in May, vice-chairman of British M&A at Deutsche Bank
Anthony Parsons left to join boutique investment bank
Greenhill & Co.
Europe has been hard hit by a slowdown in deals, with
investment banking fees in the region so far in 2012 falling to
levels not seen in 10 years.
Robey is a top adviser to British defence contractor BAE
Systems, which is planning a merger with Airbus parent
EADS, one of Europe's most prominent deals.
He also advised the London Stock Exchange on its
takeover of clearing house LCH.Clearnet.
"We expect that there will be many opportunities to work
together in the future on both current and future client
engagements," the memo said.