Morgan Stanley hires Shahsingh from UBS to direct North American industrial services IB

By Tatiana Bautzer

NEW YORK (Reuters) -Morgan Stanley hired Aftab Shahsingh of UBS to direct the coverage of industrial services in its investment bank in North America, according to a source familiar with the situation.

Shahsingh has been working in industrial services for over 15 years and has managed more than 50 consultative and capital transactions since 2020, said the source, which refused to be identified by discussing staff issues. Shahsingh will join Morgan Stanley later this year.

The bank added to its industrial practice with recent hiring, notably David Hammond in Metals and Mining and Sean Murray for chemicals, both from Goldman Sachs, and Andy Lipsky and Chris Khouri for the coverage of industrial technology of JPMorgan Chase.

Last week, Morgan Stanley declared a profit that beat Wall Street estimates in the second quarter, but his income from the investment bank decreased. The Bank saw the care in the last part of the second quarter, CEO Ted Pick told Investors when calling the profits.

“The second half ended with an increase in commitment and a constant rebound in the capital markets,” Pick told analysts.

Financial director Sharon Yeshaya told Reuters in an interview that the bank was optimistic about the discussions of mergers and acquisitions. “Companies are looking for prices beyond for strategic movements and growth,” she said.

(Report by Tatiana Bautzer; edition by Lananh Nguyen and Dale Hudson)