Morgan Stanley Private Wealth Management Asia has hired a former UBS Private Bank executive to join its managed products team, this publication has learned.

Effective December 2013, Ernest Chan joins the company as managing director and head of managed products Asia. This is the first time Morgan Stanley has had a managing director in this role.

Chan was previously a managing director and head of investment funds, sales and distribution at UBS Private Bank Hong Kong and brings twenty years of credit marketing, capital advisory and funds distribution experience to the firm. Prior to UBS, he was with JP Morgan Private Bank Hong Kong. 

The hire is part of the company's initiative to align its institutional securities platform with the private client relationships in the region, according to people familiar with the firm's wealth management strategy. It also reflects Morgan Stanley's focus on developing the managed product offering for its wealth management clients in Asia that integrates discretionary, long-only and alternative fund products.