Morgan Stanley hired David Moffitt to lead the securitization effort within the company’s capital markets division, according to a report from Bloomberg.
Based in New York, Moffitt starts on Dec. 1 as head of global credit solutions. He will be reporting to Raj Dhanda and John Hyman, who are co-heads of global capital markets.
Moffitt will coordinate his efforts with J.D. Pearce, who will run the sales and trading part of the business, reporting to Steve D’Antonio, the Bloomberg report said quoting an internal memo that the news service had obtained.
At Morgan Stanley, Moffitt will be responsible for all primary securitization and asset restructuring, the internal memo quoted by Bloomberg indicated. Morgan Stanley’s corporate securitization business, which is headed by Tom Cahill, will report to Moffitt, as will the businesses led by Val Kay, Matt Salvner and Kevin Ryan.
Meanwhile, Pearce, according to Bloomberg, who works within Morgan Stanley's fixed-income unit, will be the point person handling inquiries from sales and trading clients on credit-portfolio restructurings as well as asset disposals.
Tom Jackivicz will lead the effort in Europe, reporting to Pearce, the internal memo obtained by Bloomberg said.
Before Morgan Stanley, Moffitt servced as a consultant for about a year at MatlinPatterson Global Advisers, a private equity firm specializing in distressed situations. The firm operates as a subsidiary of MatlinPatterson Distressed Opportunities Fund.
According to Bloomberg, Moffitt previously oversaw structured-product sales in the fixed-income division of Merrill Lynch, which is now part of Bank of America.