Morgan Stanley India Head quits

Thursday, 28 January 2010, 02:16 Hrs   |    5 Comments
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Morgan Stanley India Head quits
Mumbai: To pursue interest in entrepreneurship and public service, Narayan Ramachandran steps down as the CEO and Country Head for Morgan Stanley India. Scott Gaynor, the current Chief Operating Officer for Asia, will hold charge as the interim Country Head till a full- time India CEO is announced, reports Economic Times.

However, investment banking sources said that Ramchandran is looking to provide market-based solutions for poverty alleviation in areas such as micro-finance and social venture capital.

Ramchandran will continue to remain a Senior Advisor to all areas of the firm in India with a focus on Morgan Stanley's growing wealth management business. He took over as Country Head in 2007 after Morgan Stanley parted ways with JM Financial, ending a seven-year partnership. Prior to this he held senior global positions within Morgan Stanley Investment Management, including heading its Global Emerging Markets and Asset Allocation businesses, managing over $25 billion in assets. He joined Morgan Stanley in 1996.

Before joining the firm, he was an Managing Director at Rogers Casey. In addition, Ramchandran was Director of Research at Rogers Casey and President of its investment advisory subsidiary. He began his career at Goldman Sachs.

In the past couple of years, Morgan Stanley built on its established equity and asset management businesses and forayed into India-based investment banking, fixed income business, merchant banking and wealth management. It currently has around 400-odd people in the Indian operations. In addition to the Morgan Stanley Real Estate group, the firm also established Morgan Stanley Private Equity (MSPE) and Morgan Stanley Infrastructure. In real estate, the firm has already invested around $700 million.

Last year the firm had received a primary dealership licence from RBI. It is also looking to increase its headcount by 25 percent in its off-shoring operations based in Mumbai.

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