(Reuters) – Steve Trevor is resigning as co-head of Morgan Stanley’s (MS.N) private equity division, the latest change as the Wall Street firm overhauls its investment management unit.
Morgan Stanley Investment Management chief Gregory Fleming announced Trevor’s departure in an internal memo obtained by Reuters on Monday.
Trevor joined Morgan Stanley in 2007 and planned to build a large private equity business. But the firm’s investment management section was battered by losses during the financial crisis, causing the firm to retool its private equity business.
The firm has since installed a new leadership team led by Fleming, a former Merrill Lynch president and chief operating officer.
Trevor led Morgan Stanley’s private equity business along with Alan Jones, who will continue in his role. Trevor also was co-head of Morgan Stanley merchant banking and previously was co-head of Morgan Stanley Investment Management.
Trevor’s departure is the latest in a series of personnel moves in Morgan Stanley’s reshaped investment management unit.
Stu Bohart, who was the head of Morgan Stanley Investment Management’s core business, recently decided to leave the firm, according to a person familiar with the matter. Bohart previously co-headed Morgan Stanley Investment Management.
Navtej Nandra was recently hired as head Morgan Stanley Investment Management International. Nandra was head of diversified financial services and the chief operating officer of Merrill Lynch’s Global Wealth Management division.
Morgan Stanley declined to comment.
(Reporting by Steve Eder; editing by Andre Grenon)