NEW YORK – The head of Morgan Stanley's fund-of-hedge-funds business, Jacques Chappuis, will leave the firm in May and join Carlyle Group LP as a managing director, according to an internal memo from the bank and a statement from Carlyle.
Chappuis is joining the Carlyle as managing director and head of the solutions business division, according to a statement released on Monday by the asset management firm.
Morgan Stanley sent a memo to staff on Monday informing them that Chappuis was leaving in May and that Arthur Lev, who runs Morgan Stanley Investment Management's (MSIM) Long-Only business, will succeed him.
Lev will continue to head the long-only group alongside his new duties for the fund-of-funds business, Alternative Investment Partners (AIP), according to the memo, obtained by Reuters. AIP has roughly $29 billion under management.
Lev has previously worked as chief strategy officer of MSIM Traditional Asset Management, according the memo, sent by Greg Fleming, head of Morgan Stanley's asset-management division.
Prior to 2007, Lev was a partner and general counsel of hedge fund FrontPoint Partners, which completed a spin-off from Morgan Stanley in March 2011.
(Reporting By Katya Wachtel; editing by John Wallace)