Jonathan Costello has quietly resigned as managing director and head of secondaries private equity for Morgan Stanley (MS), even though he was leading a $1 billion-targeted fundraise for a GP restructuring fund, Fortune has learned.
Word is that Costollo’s next stop will involve moving from the buy-side to the sell-side, as a partner with Park Hill Group ― the former fund placement unit of The Blackstone Group (BX), which was included as part of the PJT Partners (PJT) spin-out.
His role at Park Hill will, in part, be to fill the shoes left by Andrew Casperson, whose own shoes soon will be prison-issued after having plead guilty to defrauding both Park Hill and its clients.
No word yet on what this means for the Morgan Stanley fundraising (which is said to have secured at least a couple hundred million in commitments), as neither Costello nor anyone else at the firm returned requests for comment (Park Hill also declined).
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Costello joined Morgan Stanley Investment Management at the beginning of 2014, before which he led private equity secondaries at Susquehanna International Group. Other stops during his 22-year career have included SSG Capital Advisors and Safeguard Scientifics.
His start date at Park Hill has not yet been determined. He remains listed on Morgan Stanley’s website.