Morgan Stanley has long been one of the top non-Canadian banks in the oil patch, so you had to know that when the job of running its Calgary office came open that the firm ought to be able to attract a top-level hire.
On Monday, that new hire will be on the job. The firm has picked up Aaron Papps, who formerly ran Merrill Lynch's Calgary office, as its new head in the capital of Canada's energy business.
Mr. Papps left Merrill about a year ago, after the company was acquired by Bank of America. He's been on the sidelines for a year, taking the opportunity to travel, but will be on the job for Morgan as of next week.
Merrill and Morgan are at the top of the list of non-Canadian advisers doing business in Calgary. According to Bloomberg. Merrill has been the busiest non-Canadian firm in Calgary advising on merger and acquisition transactions over the past five years, with Morgan Stanley close behind.
Mr. Papps spent his whole 10-year career in banking at Merrill, rising to run Merrill;'s office when it was doing big deals such as advising Korea National Oil Co. on its acquisition of Harvest Energy, and EnCana on its corporate split.
He replaces Mark Horsfall, who was hired away from Morgan Stanley early in 2011 to run the global energy business for the brokerage arm of Canadian Imperial Bank of Commerce .