Morgan Stanley’s top international CEO, Franck Petitgas, is retiring from the Wall Street bank after 30 years in capital markets and investment banking.
Petitgas – born in France and 61 – announced his decision on Monday, according to a memo from chief executive James Gorman seen by the Financial Times. However, he will remain a senior adviser to the bank and continue to represent the bank at events such as the World Economic Forum in Davos.
The memo, also sent by co-chairman Ted Pick, describes Petitgas as “a world-class professional” and a “trusted advisor to both of us as we navigate the complexities of the agency.” global business and customer base”.
He joined Morgan Stanley in 1993 in New York and rose to run the capital markets division, and eventually oversaw all of the bank’s business outside of the United States from London.
Petitgas played a key role in building Morgan Stanley’s lucrative relationship with the world’s largest oil exporter, Saudi Aramco, which raised $25.6 billion in an initial public offering. world’s largest public offering in 2019, as well as listings for Swedish private equity firm EQT and French Antin Infrastructure Partnership.
Other influential clients include French-Israeli billionaire Patrick Drahi and his investment vehicle Altice, the largest shareholder of British telecommunications company BT.
After being considered in a group potential candidates To succeed Gorman as chief executive, several top Morgan Stanley executives have left in recent years, including Colm Kelleher, who became president of UBS. This year Gorman said he has no plans to step down anytime soon.
While retiring from his executive role, Petitgas hopes to serve as a government adviser or take on a non-executive or board role, a person familiar with his thinking said.
Petitgas also has an external financial profile. He built a great art collection and is the owner of the historic Manor of Bosham, which includes hundreds of moorings in the UK’s Port of Chichester.
Buying the manor gives him the title of God, which he mentioned in his twitter account, @boshammanor. Petitgas is also the president of the Tate Foundation, a charity and has received the Légion d’honneur, France’s highest civilian and military award.