EUROPE - James Dilworth, the former German head of Goldman Sachs Asset Management, has joined Morgan Stanley Investment Management (MSIM) in London as the latter's new head for Europe, Middle East and Africa.

Dilworth is taking over the responsibilities for the EMEA region from Michael Green, head of international business, who is leaving, Morgan Stanley confirmed. The company is currently in the process of identifying a new head for its Asian business.

IPE reported last December that Dilworth had quit as GSAM's German head though at the time it was not clear where he would go. He was replaced by Axel Hörger, who formerly was only in charge of GSAM's institutional business in Germany.

Under Dilworth's watch, GSAM became one of the biggest foreign players in the German institutional market. Dilworth told IPE in December that GSAM had $11bn (€8.3bn) in institutional assets under management in Germany, around half of which were from pension funds.

With the appointment MSIM is looking to invigorate its European asset management business. Currently it has more than €33bn in institutional assets under management in Europe, according to IPE's Top 400 Asset Managers supplement.

Indeed, MSIM president Owen Thomas recently beefed up the business' staff with a slew of appointments, including a new European equities team that joined last September from Société Generale. Thomas has also made several acquisitions, including stakes in two hedge funds.

Thomas' moves have yet to bear fruit. Last year, MSIM had pre-tax profit of $190m, a decline of 50% from the previous year. Net revenues slumped 19%.

MSIM's assets under management, meanwhile, rose 11% in 2006, but this was largely due to market gains.