Craig S. Phillips, former global head of securitized products for Morgan Stanley, has announced the founding of Ptarmigan Capital LLC, an alternative asset management firm with offices in Stamford, Conn., and Bangalore, India.The firm said it plans to focus on real-estate-related investments, including private equity real estate investments in India and opportunistic investments in the U.S. residential markets. Mr. Phillips, who will serve as chairman and chief executive of Ptarmigan, has been involved in the global asset-based finance markets for over 30 years. He served as a managing director of Morgan Stanley, where he started the company's franchise in commercial mortgage-backed securities underwriting when he joined the firm in 1994. Ptarmigan also announced that RVS Rao is joining the company as chairman of Ptarmigan Capital Investment Advisors Private Limited, the firm's real estate investment management arm, based in Bangalore. Mr. Rao previously served as executive director and member of the board of the Housing Development Finance Corp., India's largest mortgage bank.

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