Morgan Stanley has installed new heads of its financial sponsors business in Europe, the latest changes at the US bank, which has shaken up the senior dealmaker ranks in recent months.

The bank has named Nick Bishop and Teodor Todorov as co-heads of its financial sponsors’ group for Europe, the Middle East and Africa, a bank spokesperson confirmed to Financial News.

The pair succeed Massimiliano Ruggieri, who was appointed head of investment banking for Emea in September as part of broader changes within its investment bank. Financial sponsors teams work with private equity firms and other alternative investors on deals.

Bishop joined Morgan Stanley from UBS in 2015 as a managing director and head of leisure and retail investment banking for the UK, expanding the role to take over responsibility for the sector’s coverage across Emea in 2020.

Todorov has worked at the US bank for 18 years, making managing director in 2013. He has been head of Morgan Stanley’s coverage of the basic materials sector in Emea since 2017.

READ Morgan Stanley names new head of European dealmaking

Morgan Stanley has unveiled several senior changes within its European investment bank in recent months.

Franck Petitgas, head of Morgan Stanley International and former chief of investment banking globally, is retiring from the bank after nearly 30 years, it was announced to staff internally on 21 November. He will remain at the bank as a senior adviser.

Ruggieri, who had been running its Emea sponsors unit since 2018, took the reins for Morgan Stanley’s Emea investment banking team from Simon Smith, who had led it for seven years. Smith was promoted to global head of dealmaking alongside US-based Eli Gross in July.

Morgan Stanley also promoted senior M&A banker David Kitterick to deputy head of investment banking for Emea. He took over from Jan Weber, who was named head of M&A for Emea, in September. Weber took over the role from Colm Donlon, who moved to become chair of Emea investment banking around the same time.

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