Morgan Stanley MidEast M&A head Fort departs

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Morgan Stanley's head of mergers and acquisitions for the Middle East and North Africa (MENA) is leaving the bank, three sources said, the latest in a string of high-level banking departures from the Gulf Arab region.

Peter Fort, who has been responsible for overseeing the US bank's M&A and restructuring business in the region since early 2011, ha s resigned, the sources said, speaking on condition of anonymity as the matter has not been made public.

Fort, an executive director based in Dubai, worked with the bank for nearly nine years advising some of its top clients in the region. It was not known whether Fort would join another lender or remain in the region.

A spokesman for Morgan Stanley declined to comment.

Many global banks have scaled back operations in the Gulf Arab region, amid intense pressure to cut costs and a slump in deal activity.

Morgan Stanley is among few banks in the region to have not undertaken any major cuts this year. It named Klaus Froehlich and Amr Diab as investment banking co-heads for MENA in early 2012, while Kamal Jabre, a veteran M&A banker, took charge as regional CEO in November 2011.

"They are a good bunch and have done some smart deals this year but the reality is that the market is not big enough for so many senior bankers. It has to shrink and that's what we have been seeing so far this year," one of the sources said.

Fees from advising clients on mergers and acquisitions in the Gulf Arab region declined 14 percent during the first nine months of 2012 to US$103.3m, Thomson Reuters data show, a far cry from the boom years of 2005-06.

Morgan Stanley was one of the advisers to telecom operator Etisalat in a block sale of its 9.1 percent stake in Indonesia's PT XL Axiata. The UAE telco got a US$117m gain on the deal.

The bank is currently advising French lender Societe Generale in the sale of its Egyptian arm to Qatar National Bank and is one of the banks involved in the state-backed merger of Abu Dhabi property firms Aldar Properties and Sorouh Real Estate.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

1
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 15
    Germany puzzled as UAE think tank ordered to close

    Matt, your words sound kind of funny given the role the Britain has played in this region for so many decades.
    And given the democratic tradition that... more

    Thursday, 17 April 2014 7:10 PM - one of the joes
  • 10
    UAE father who whipped son to death wins appeal

    "Under Sharia, a parent cannot be executed for killing their child"
    A spouse could be executed if he/she kills his/her spouse, as none of them is... more

    Friday, 18 April 2014 3:38 PM - Nihar
  • 3
    To diet or not to diet?

    It is best to eat by your blood type. Following this diet is miraculous. Generic diets don't always work as certain foods are not good for the individual... more

    Friday, 18 April 2014 11:49 AM - Shamira Mitha
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams