Morgan Stanley deflected a blow to a unit that advises banks by promoting Kevin Ryan, one of the group’s leaders, after Goldman Sachs Group Inc. tried to recruit him, said two people with knowledge of the matter.
In a boon to investment banks looking for good news amid tanking markets, a score of Internet companies went public in 2011. Professional-networking site LinkedIn Corp. hit the market in May, offering shares that as of March had nearly doubled in value. Discount coupon seller Groupon Inc. followed in November, and then game developer Zynga Inc. joined the parade in December.
Money manager William Fries went to India in the summer of 2010 in search of investments for his Thornburg International Value Fund. Visiting companies in Mumbai and Delhi, he found they kept diesel backup generators on hand for the power interruptions that are common as the country struggles with an inadequate electricity supply.
Morgan Stanley named Leo Civitillo and Claus Skrumsager as global co-heads of fixed-income underwriting, three months after the U.S. leader of the unit was arrested, according to a person briefed on the decision.
Peter Bacon, Morgan Stanley’s head of capital markets in Europe, and Gene Martin, co-head of the leveraged and acquisition finance group, are leaving the bank, according to people briefed on the matter.