MS equity-linked banker departs

Dave Sandor, who worked in equity-linked origination at the US investment bank since 2010, has left.

Dave Sandor, an executive director at Morgan Stanley with a focus on Asia Pacific equity-linked origination, has left the firm, according to a source familiar with the situation.  

Sandor left on February 27 after nearly five years in the US investment bank’s Hong Kong office, the source said. 

His responsibilities — which included convertible bond sales and equity-linked origination — will be absorbed by the current equity capital markets team.

Sandor could not immediately be reached for comment while a Morgan Stanley spokesman confirmed he is leaving the firm.

Sandor joined Morgan Stanley in April 2010 from Standard Chartered in Hong Kong, where he spent less than a year. Before that, he worked in Citi’s Asia Pacific equity-linked origination team from October 2007 to June 2009, also in Hong Kong, according to his LinkedIn profile.

Morgan Stanley poached Sandor from Standard Chartered in the spring of 2010, along with two of his colleagues at that time, Janice Dunnett and Ronnie Potel. Dunnett joined Morgan Stanley as a managing director within the institutional equities division, while Potel took on the position head of convertible bond origination for Asia Pacific.

Market observers noted back then that the hires would allow Morgan Stanley to make better use of its equities, prime brokerage, and global institutional client platforms while carving out a larger footprint for convertible bond issuance in Asia.

Dunnett left in June 2012 to start her own hedge fund, Naga Capital Partners, while Potel left in November 2012 and currently acts as a financial advisor, according to the first source.


Morgan Stanley’s convertible bond business in the region has never quite been on a par with its equities franchise. The bank ranked 8th for convertible bond issuance in Asia Pacific last year with total CB issuance of $853 million, according to Dealogic data. Credit Suisse topped the 2014 convertible bond rankings, followed by Goldman Sachs, Citic Securities and JP Morgan.

Convertible bond markets in Asia ex Japan have got off to a glacial start in 2015, with only one deal above $100 million so far this year — Shanghai Electric Group’s $974 million issue under Credit Suisse.

It’s a different story in equities. Morgan Stanley topped the equity capital market rankings last year, overtaking Goldman Sachs and Credit Suisse.

¬ Haymarket Media Limited. All rights reserved.
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