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 Stanley banker.
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.