SF Market round-up: Revenge is sweet

In an interesting reversal, Robert Palache is to join Morgan Stanley, the firm from which he poached a high-profile three-man CMBS team in 2003. At the time Palache was head of real estate, corporate securitization and infrastructure finance at Barclays Capital, and hired Lynn Gilbert, Christian Janssen and Natalie Howard from Morgan Stanley’s CMBS team to build up its CMBS Conduit, Eclipse. Now Palache, who walked out of BarCap in March this year, joins Morgan and reports to John Hyman and Ellen Brunsberg, the woman from whom he poached Gilbert and team in 2003. In his new role, Palache will focus on further developing the bank’s securitization origination business in Europe in areas such as infrastructure, whole business and new asset securitizations.