Morgan Stanley has expanded the leadership team at its investment management business with the appointments of Jeffrey Shames as a senior advisor and Edmond Moriarty as chief operating officer.

Mr Shames was formerly chief executive officer and chairman of MFS Investment Management, positions which he retired from in 2002 and 2004 respectively. He is now responsible for strategy across all business areas at Morgan Stanley Investment Management, and also takes on the role of senior advisor at the firm’s global research division.

Mr Moriarty, meanwhile, was most recently a senior risk executive at Bank of America. In his new position he is responsible for operations across MSIM, including finance and risk management, and additionally serves as chief operating officer at the global research division.

Both new employees report to Gregory Fleming, president of MSIM.

The appointments reflect the firm’s efforts to refocus on its institutional and intermediary client bases and reposition itself for long-term growth, including the building out of its merchant banking business, it said in a press statement.