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Morgan Stanley Reorganizes Securitized Products Group
Total Securitization -- Institutional Investor News (August 19, 2005)

New Role For Westerfield

Morgan Stanley Reorganizes Securitized Products Group

Morgan Stanley has reorganized its securitized products group, naming John Westerfield, the former head of the principal transactions group, to head of global real estate lending.

Westerfield fills duties previously handled by Craig Phillips, who was co-head of the securitized products group along with Tony Tufariello. Tufariello now heads the securitized products group, which oversees ABS, CMBS and RMBS, while Phillips will oversee new asset securitizations and focus on senior client relationships. Morgan Stanley has securitized a number of new assets, including cell phone towers over the past few years.

The move gives Westerfield broader responsibilities for Morgan Stanley's extensive real estate lending business in the United States, Asia and Europe. Steven Stern and Jim Flaum are replacing Westerfield as co-heads of the U.S. principal transaction group. Owen Thomas heads the real estate investment banking and real estate investment fund businesses and his responsibilities are unchanged.

Morgan Stanley is one largest U.S. CMBS lenders and is part of a number of successful partnerships, including the TOP program with Wells Fargo and Bear Stearns. It is also the largest commercial real estate lender in Tokyo and one of the top three European CMBS lenders. The firm expects to originate $25 billion of new loans this year.

Westerfield, Phillips and Tufariello did not return calls.

--Samantha Rowan



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