Morgan Stanley China property head departs bank

Garth Peterson, who headed the bank’s real estate investing business in China, was promoted to managing director in 2007.

Morgan Stanley Real Estate managing director Garth Peterson has left the bank, according to a source.

A spokesman for Morgan Stanley confirmed that Peterson was no longer working for the bank but declined to comment further.

Based in Shanghai, Peterson headed the China operations of the bank’s real estate investing business. He had recently declined a new job offer within Morgan Stanley which required him to move to Singapore, the source added.

Peterson was promoted to managing director in 2007 and was the only Morgan Stanley real estate investing team member who spoke fluent Chinese. A replacement has not yet been appointed.

Another Morgan Stanley director and head of its Asia Pacific private equity bank team, Jonathon Mandel, is also leaving the bank “in the next few months”, according to the same source.

Mandel’s departure, less than a year after he joined the Hong Kong office, is reportedly part of the round of layoffs announced by the bank last November.