CHICAGO - Andrew Rowley, the head of public finance for Morgan Stanley, plans to retire by the end of the year, and will be replaced by municipal capital markets group managing director Andrew Garvey.
"I've had a great career and it's time to move on," Rowley said in an interview last week. Rowley, 55, said he plans to move to Cape Cod. Thoughts for the future include possibly teaching or coaching at a preparatory school, or returning to school himself to study landscape architecture. He also wants to spend more time with his family.
Garvey, 43, is co-head of derivatives in the capital markets group, along with Ron Windisch. He had previously headed the Lehman Brothers municipal derivatives shop before coming to Morgan Stanley in March of 1999.
His move to Morgan Stanley, which surprised some in the business, was taken as a sign that Morgan Stanley was aggressively moving to enlarge its presence in the municipal derivatives market.
Rowley said he expects the transition with Garvey to be "seamless," and praised Garvey's work on derivatives. "We've really grown that part of the business," Rowley said. "It's a been a very good business for us."
Rowley has spent 30 years in the municipal bond business, including 16 years at Morgan Stanley. He led the public finance group during the last five years.
Rowley said the events of Sept. 11 had no influence on his decision to resign. "I decided a year-and-half ago to retire," Rowley said.
"I've enjoyed this business tremendously," Rowley said. "I'll miss the business, and I'm going to miss the people. I like what I'm doing 75 to 85 percent of the time. Not everyone can say that about their job."
Morgan Stanley ranked sixth among senior managers nationwide in 1995, 1999, and 2000, and fourth so far in 2001, according to Thomson Financial Securities Data. It climbed back from a slump in 1996, when it ranked ninth. It ranked eighth in 1997 and seventh in 1998.
