Allwin steps up at Morgan Stanley

Morgan Stanley, the US investment bank, announced yesterday that it has appointed James Allwin, current president of its investment management operation, to head its merchant banking division.

Mr Allwin replaces Donald Brennan, managing director of Morgan Stanley Capital Partners, the merchant banking division, who will continue as advisory director at the firm. Mr Allwin will combine the post with the company's real estate and venture capital activities, which he currently heads.