Evercore hires veteran investment banker Bergstein from Morgan Stanley -sources

PJT Partners

27/07/2023 24:35

By David  Carnevali and Mike Stone
       NEW YORK, July 26 (Reuters) - Evercore  EVR.N  has hired
veteran Morgan Stanley  MS.N  banker Seth Bergstein as a senior
managing director to drive dealmaking in the global services
sector, people familiar with the matter said on Wednesday. 
    Bergstein, who served as head of Morgan Stanley's global
services group for about two decades, held the title of vice
chairman of investment banking prior to his departure from the
bank. 
    He started his career at the Wall Street bank in the late
1980s as a financial analyst and briefly joined Goldman Sachs
 GS.N  in 1991 before returning to Morgan Stanley, according to
his LinkedIn profile.
    Bergstein's exit is the latest in a flurry of executive
moves from large banks to boutique firms and comes at a time of
a slowdown in mergers and acquisitions (M&A) activity that has
forced Wall Street's biggest banks to cut thousands of
investment banking jobs.  
    Global M&A volumes for the first half of 2023 fell 39% to
$1.38 trillion, according to data from Dealogic. 
    In recent months, Evercore has hired more than half a dozen
senior bankers from bigger investment banking rivals such as
Goldman Sachs to boost its coverage in sectors such as
technology and industrials. 
    In June, Evercore hired veteran technology banker Tammy
Kiely and top aerospace & defense banker Michael Tarulli from
Goldman. Earlier this month, it recruited Neil Wolitzer, a
partner in real estate investment banking at Goldman, according
to people familiar with the matter.
    Meanwhile, PJT Partners Inc  PJT.N , the boutique investment
bank led by Paul Taubman, has hired Brendan Panda, a prominent
aerospace & defense dealmaker, from Evercore, the sources said.
Panda worked on several notable transactions during his time at
Evercore, including Aerojet Rocketdyne's  AJRD.N  $4.7 billion
sale to L3Harris  LHX.N . 
    Panda will join PJT as a partner focused on the aerospace &
defense sector, the sources said. 
    Evercore and PJT Partners did not immediately respond to a
request for comment. Morgan Stanley declined to comment. 

 (Reporting by David Carnevali in New York; Editing by Sonali
Paul)
 ((David.Carnevali@thomsonreuters.com))