Gregory Fleming, the new chief of Morgan Stanley Investment Management, is putting his stamp on the unit by appointing former Merrill Lynch colleague Edmond Moriarty to his leadership team. He has also hired Jeffrey Shames, the former chief executive and chairman of MFS Investment Management.
Moriarty will be responsible for all operations across the investment business, according to a press release. He previously spent more than 20 years at Merrill, and in 2007 was named Merrill's co-chief risk officer. When Bank of America acquired Merrill last year he was named a senior risk executive at the new firm.
Shames will responsible for all strategy related to Morgan Stanley Investment Management, across investment management, client service and marketing.
Fleming's mission is to improve the firm's asset management business, which was hit hard by the market downturn. In the fourth quarter of 2009, the unit posted a pretax loss from continuing operations of $55 million.