Morgan Stanley has hired seven new public finance bankers, adding capacity to its top 10-ranked public finance department at a time in the market when other firms are feeling the pinch.
"We are in a position where we consider this to be a very viable business in the long run," said Stratford Shields, Morgan Stanley's head of public finance. "Despite the market disruptions, we consider this a critical business to continue to invest in."
The bank is looking to bolster its public finance department and improve upon its sixth-ranked showing in last year's league tables.
Shields highlighted the bank's expansion into transportation and public power - two areas he said are primed for growth. New power generation capacity is coming online this year and transportation needs are very high, he said. To that end, Rick Molke has been hired as a managing director and co-head of the public power group, bringing more than 30 years of experience to the bank.
David Rush will also join the firm as an executive director in the transportation group. He will focus on surface transportation and new product initiatives in Michigan, according to a release. Most recently a senior managing director at Bear, Stearns & Co., Rush was a co-founder and president of the Public Resources Advisory Group, a leading financial advisory firm.
Morgan Stanley has also expanded its regional focus, turning its attention to California and the southeast. In fact, earlier this year the firm ran advertisements in The Bond Buyer looking for California-based bankers, signaling its expansion plans to a market reeling from any number of dislocations. With the hiring of Greg Dawley, the firm will address that need.
Dawley will join the firm as an executive director in the west coast infrastructure group, based in Los Angeles. He joins Morgan Stanley from Merrill Lynch & Co., where he was a director. Morgan Stanley will also build capacity in Floridaand the southeast, where it hired Kevin McCarty and J.W. Howard. Both men were previously managing directors at Bear Stearns.
"We've been trying over the last year to improve our business in California and also in Florida, which is clearly a growing market," Shields said.
Also joining the firm is Randy Campbell, who will rejoin the bank as executive director to work on deals in New York State, as well as sports financing, and Jim Perry, who will join the firm as an associate. Campbell was most recently a managing director at Societe Generale, and spent the decade prior to that at Morgan Stanley.
