Morgan Stanley private equity co-heads resign
STEPHEN Trevor and Stuart Bohart are resigning as co-heads of Morgan Stanley’s 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 and Bohart’s departure in an internal memo.
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.
Bohart was responsible for equity, fixed-income and hedge-fund investments. The firm has recently installed a new leadership team led by Fleming, a former Merrill Lynch president and chief operating officer. Trevor and Bohart are the highest profile departures since he started.