Chase Manhattan Corp. signaled it would focus more intently on building equity underwriting and asset management capabilities, hiring Morgan Stanley & Co. veteran Neal S. Garonzik to lead the effort.

Mr. Garonzik, 52, has joined the $357 billion-asset banking company as vice chairman and a member of the senior executive team, reporting to William B. Harrison Jr., the president and chief operating officer. He is responsible for Chase's asset management business and "strategic initiatives" in equities and other areas, the company said.

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