Morgan Stanley's former global head of securitisation has emerged in the capital markets arena as chairman, chief executive and founder of a new alternative asset management firm focusing on real estate-related investments in India and the US.

Craig Phillips, a pioneer of securitisation and one of the most well regarded bankers in the market, has set-up a firm called Ptarmigan Capital to make private equity real estate investments in India and ‘opportunistic' investments in the US.