Ross Whitehill, the former Morgan Stanley banker who headed the institutional custody business at London-based consultants, data providers and ratings agency Thomas Murray, has left the firm.
It is not known where Whitehill (52) is going, but he is understood to be looking at a number of opportunities, both within and beyond the custody industry. He spent twelve years at Thomas Murray, masterminding the launch of its operations in both Australia and Canada, and will retain his stake in the firm.
There are no immediate plans to replace Whitehill. Instead, Simon Thomas, the founder and head of Thomas Murray, will assume the role occupied by Whitehill, along with Tim Reucroft, a former Salomon Brothers and Liffe executive with experience of both the alternative investment strategies and derivatives structures that institutional investors are increasingly adopting.
The decision not to replace Whitehill partly reflects the declining importance of consultancy earnings at Thomas Murray. The firm, which has pursued a strategy designed to sidestep the low margins and difficulties in scaling consultancy earnings through the development of data-based products – including custodian bank and CSD ratings – now earns only one pound in five from helping pension funds choose global custodians.
“We didn’t want him to go, but he leaves with our best wishes, and all the luck in the world from us,” says Simon Thomas. “He remains a friend of the company, and we remain a friend of his.”