More than half of the 17 senior managing directors working in Blackstone Group LP's mergers and acquisitions advisory arm may leave as the business is combined with the advisory firm headed by star Wall Street investment banker Paul Taubman, according to people familiar with the matter. Some of the bankers have decided to move elsewhere or retire, while others have lost out to people doing similar jobs at Taubman's PJT Capital LP, the sources said.Blackstone agreed last October to spin off its advisory operations in the second half of this year into a new publicly traded company that will be run by Taubman, 54. The operations of the business being spun off include M&A, restructuring and private fund advisory. PJT currently focuses on M&A advisory.The likely exodus of senior M&A bankers shows that, even though Blackstone shareholders, including its co-founder Stephen Schwarzman, are expected to own 65 percent of the combined business, Taubman has the biggest role in shaping it. He will be CEO of the combined firm.Since he left a senior role at Morgan Stanley in 2012 to strike out on his own, Taubman has advised on deals with a value of almost $240 billion, and he ranked 12th in the global M&A advisory league tables in 2013 and 23rd in 2014, according to Thomson Reuters data. By contrast, Blackstone ranked 50th in 2013 and 68th last year.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.49% or $-0.18/share to $36.55. In the past year, the shares have traded as low as $28.31 and as high as $39.19. On average, 10584300 shares of MS exchange hands on a given day and today's volume is recorded at 8381772.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.47% or $0.19/share to $40.37. In the past year, the shares have traded as low as $33.65 and as high as $41.44. On average, 886280 shares of TRI exchange hands on a given day and today's volume is recorded at 900562.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.41% or $0.21/share to $51.55. In the past year, the shares have traded as low as $37.10 and as high as $51.97. On average, 782738 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 980633.
Source
