BNP Paribas has been recruiting for its fixed income division on Wall Street and in Europe, but at least one of its new hires has decided they were better off where the came from.
Almost two years after leaving Morgan Stanley for BNP Paribas, senior structurer Adam Schwartz is back at MS as an executive director.
Based out of New York, Schwartz will be responsible for Morgan Stanley's collateralized loan obligations (CLOs) structuring, much as he was before he quit the bank in 2016.
Schwartz started his career with MS as an executive director in 2003 after graduating from Columbia University in Computer Science and Economics. At MS, he spent over 12 years heading credit structuring and marketing for derivative and structured products in the Americas region. In 2015, a year before he left the firm, he was given the charge of CLO structuring. He moved to BNP Paribas as a director and led credit solutions and structuring for almost two years.
Schwartz seems to have quit BNP before bonuses are paid, suggesting that he wasn't expecting much or that MS compensated him for the loss of his bonus at the French bank.
Schwartz is returning to Morgan Stanley at a time when CLOs are becoming highly fashionable. Bloomberg reports that sales of new CLOs are projected to rise to a record $140 billion in 2018. The CLO sector received a boost from a recent court ruling that exempted CLO managers from post-crisis curbs on risks that would have made it harder to assemble the securities.
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