NEW YORK (HedgeWorld.com)--David Barrett, head of hedge fund capital introduction at Morgan Stanley, is moving to Merrill Lynch & Co. Inc.
According to a Merrill Lynch internal memo, he starts the new job on April 26 and will report to Paul Galietto, head of global equity financing and services. He will also be accountable to Kevin Dunleavy, who leads capital introduction and recently became head of a newly created hedge fund strategy and client relationships group.
Prime brokerages are competing aggressively for hedge fund business and cap intro has become a key element in this rivalry. "We have seen solid progress to date, and we intend to continue to make strategic investments in this important business to better penetrate the market and gain a competitive advantage," said the authors of the memo, Simon Brookhouse, head of equity-linked, and Doug DeMartin, head of cash equities, in addition to Mr. Galietto.
"Our goal is to be the premier global equity financing provider in the marketplace," they said.
Mr. Barrett's responsibility is to help build client relationships and expand Merrill's equity financing franchise. His new title is head of capital raising origination.
A spokeswoman for Morgan Stanley confirmed Mr. Barrett's resignation and said a replacement for him has not been announced. He was at Morgan Stanley for 18 years, holding positions in various departments, including prime brokerage, fixed income and government relations.