By Tatiana Bautzer
NEW YORK (Reuters) -Morgan Stanley has hired Aftab Shahsingh from UBS to lead industrial services coverage in its investment bank in North America, according to a source familiar with the situation.
Shahsingh has worked in industrial services for over 15 years and led more than 50 advisory and capital-raising transactions since 2020, said the source, who declined to be identified discussing personnel matters. Shahsingh will join Morgan Stanley later this year.
The bank has been adding to its industrials practice with recent hires, including David Hammond in metals and mining and Sean Murray for chemicals, both from Goldman Sachs, and Andy Lipsky and Chris Khouri for industrial technology coverage from JPMorgan Chase.
Last week, Morgan Stanley reported a profit that beat Wall Street estimates in the second quarter, but its investment banking revenue shrank. The bank saw a pick-up in activity in the latest part of the second quarter, CEO Ted Pick told investors during the earnings call.
“The second half ended with increasing engagement and a steady rebound in capital markets,” Pick told analysts.
Chief Financial Officer Sharon Yeshaya told Reuters in an interview the bank is optimistic about M&A discussions. “Companies are looking past tariffs for strategic movements and growth,” she said.
(Reporting by Tatiana Bautzer; Editing by Lananh Nguyen and Dale Hudson)
