NEW YORK, July 26 (Reuters) – Evercore (EVR.N) has employed veteran Morgan Stanley (MS.N) banker Seth Bergstein as a senior managing director to drive dealmaking within the international companies sector, individuals conversant in the matter stated on Wednesday.
Bergstein, who served as head of Morgan Stanley's international companies group for about twenty years, held the title of vice chairman of funding banking previous to his departure from the financial institution.
He began his profession on the Wall Avenue financial institution within the late Eighties as a monetary analyst and briefly joined Goldman Sachs (GS.N) in 1991 earlier than returning to Morgan Stanley, in accordance with his LinkedIn profile.
Bergstein's exit is the newest in a flurry of govt strikes from giant banks to boutique companies and comes at a time of a slowdown in mergers and acquisitions (M&A) exercise that has compelled Wall Avenue's greatest banks to chop hundreds of funding banking jobs.
International M&A volumes for the primary half of 2023 fell 39% to $1.38 trillion, in accordance with information from Dealogic.
In current months, Evercore has employed greater than half a dozen senior bankers from greater funding banking rivals comparable to Goldman Sachs to spice up its protection in sectors comparable to expertise and industrials.
In June, Evercore employed veteran expertise banker Tammy Kiely and high aerospace & protection banker Michael Tarulli from Goldman. Earlier this month, it recruited Neil Wolitzer, a companion in actual property funding banking at Goldman, one of many sources stated.
In the meantime, PJT Companions Inc (PJT.N), the boutique funding financial institution led by Paul Taubman, has employed Brendan Panda, a distinguished aerospace & protection dealmaker, from Evercore, the sources stated. Panda labored on a number of notable transactions throughout his time at Evercore, together with Aerojet Rocketdyne's (AJRD.N) $4.7 billion sale to L3Harris (LHX.N).
Panda will be part of PJT as a companion targeted on the aerospace & protection sector, the sources stated.
Evercore, PJT Companions and Morgan Stanley declined to remark.
Reporting by David Carnevali in New York; Modifying by Sonali Paul
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