NEW YORK (Reuters) – Former Morgan Stanley (MS.N) executive Mitch Petrick is joining Carlyle Group to head the private equity firm’s leveraged finance and mezzanine business for the United States and Europe, a source familiar with the situation said late on Monday.
Petrick was displaced in a management shuffle at Morgan Stanley in December as new chief executive James Gorman put his own team in place. Petrick was global head of sales and trading.
Petrick joined Morgan Stanley in 1989 and became a managing director in 2006. He was promoted to oversee the firm’s trading operations in 2007.
The firm was widely criticized for missing out on windfall trading profits during the first half of 2009 which helped rival Goldman Sachs Group Inc (GS.N) to a record annual profit. Morgan Stanley missed the opportunity because it scaled back risk after the financial crisis in 2008.
Morgan Stanley did not immediately respond to a request for comment outside normal business hours. Carlyle declined comment. (Reporting by Megan Davies and Steve Eder; Editing by Lincoln Feast)