Andrew Garvey, who abruptly left Morgan Stanley in May, yesterday joined Cain Brothers & Co. to run the municipal capital markets business.

Garvey joins the New York-based firm, which specializes in health care investment banking, as the market works to cope with the liquidity crunch resulting from the subprime mortgage crisis. He is a managing director, member of the capital markets committee, and a member of the board of directors at the employee-owned firm.

Last year, Cain Brothers ranked 14th among health care senior managers, underwriting 24 issues totaling $922.6 million, according to data from Thomson Financial. In 2008, the firm has managed six issues totaling $262.4 million.

At Morgan Stanley Garvey had led the firm’s municipal derivatives group. He was head of public finance efforts for several years beginning in 2002 before becoming head of the tax-exempt securities department in 2005. 

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