Morgan Stanley, a leading merger-adviser for financial companies, (NYSE: MS) announced that it has hired Citigroup’s (NYSE: C) Gard Shedlin, whose clients include BlackRock Inc’s Laurence Fink
Mr. Shedlin will become a vice chairman, said spokeswoman Alyson Barnes. Shedlin most recently served as chairman for Citigroup’s investment-banking effort for financial institutions, with a focus on client relationships.
Morgan Stanley is picking up a banker that helped the NYSE Group create the first transatlantic securities market with its $12 billion purchase of Euronext NV, which has consulted BlackRock, the world’s largest money manager, for more than a decade.
After joining Citigroup, Shedling helped BlackRock buy Merril Lynch & Co’s investment management business in 2006. He also helped BlackRock purchase Barclay’s Plc asset manager in 2009, the largest takeover of a financial fund manager in history. Shedlin has worked with BlackRock since at least 1994, when he advised on selling a controlling stake to PNC Financial Services Group Inc, according to the Deal Magazine.
Barnes said that Shedlin will not replace anyone at Morgan Stanley.
Morgan Stanley’s financial institutions group is lead Jonathan Pruzan and Eric Bischof.
During the last year, Morgan Stanley was the second biggest adviser on financial mergers globally, with $99.6 billion worth of deals according to Bloomberg data.
