Morgan Stanley has hired a new investment executive from Citigroup to expand its hedge funds division.
Jacques Chappuis from Citigroup alternative investments will expand Morgan Stanley's investment and hedge fund offerings to its global wealth management clients, according to a company memo.
Mr Chappuis will join the Morgan Stanley managed money products team in August and will report to the managing director Doug Ketterer.
During his time at Citigroup, Mr Chappuis handled managed products, sales, research and investment strategy for the alternative investment department, reports Reuters.
The move is significant of a wider recent trend for brokerages such as Morgan Stanley and Citigroup to beef up their hedge fund offerings as well as develop in the areas of private equity, real estate, managed futures and credit structures.
By developing in these areas, firms seek to provide greater options for clients looking to outperform traditional investments or to diversify their portfolios.