Andy Mack replaces Dilworth at MSIM Europe
EUROPE - Jim Dilworth has left his position as Europe head at Morgan Stanley Investment Management (MSIM) after just two years in the role, a spokeswoman has confirmed.
Andy Mack, previously global head of risk at MSIM, has taken Dilworth's position as head of the EMEA region.
Dilworth (pictured), joined Morgan Stanley in early 2007 and was previously head of Goldman Sachs Asset Management's German office, based in Frankfurt. Dilworth, who also serves on the board of EDHEC Risk and Asset Management Research Centre, was previously at Bankers Trust and Chase Manhattan. Staff at MSIM were not aware of his future plans.
Morgan Stanley announced last Decembert that net revenues for all of its core asset management operation, including traditional, hedge fund and fund-of-fund management, were down 49% over the previous year at $1.8bn (€1.3bn) - although some $470m of that was attributed to losses on structured investment vehicles.
MSIM had AUM of $398bn as of 31 December 2008, according to documentation on its website.