Morgan Stanley consumer IPO banker Passi leaving the bank, sources say

By Thomson Reuters Apr 19, 2024 | 9:55 AM

By Echo Wang and Abigail Summerville

NEW YORK (Reuters) – Morgan Stanley’s North America head of consumer and retail equity capital markets (ECM) Tilli Dias Passi will leave the bank, according to people familiar with the matter.

Passi is taking an indefinite break and is not immediately joining a rival bank, the sources said, requesting anonymity as the matter is confidential. Reuters could not immediately determine what caused her departure.

New York-based Passi has been with Morgan Stanley for 18 years, according to her LinkedIn profile. Her departure from the bank comes at a time when the market for initial public offerings (IPO) is showing early signs of a rebound in activity after stock market flotations dried up during most of 2022 and 2023.

Morgan Stanley declined to comment. Passi could not be reached immediately for comment.

Over the past few years, some other senior IPO bankers have left Morgan Stanley to pursue other opportunities. In 2022, Lauren Cummings and Ashley MacNeill, who served as co-heads of the technology ECM team in the Americas, left the bank to join private equity firms Hellman & Friedman and Vista Equity Partners respectively.

(Reporting by Echo Wang and Abigail Summerville in New York; Editing by Anirban Sen and Louise Heavens)