Morgan Stanley Investment Management has taken over management of Gartmore's $1.4bn (€1.2bn) cash business and appointed David Hynes, previously head of cash management at Gartmore, to run the assets.

Hynes becomes European head of cash management at Morgan Stanley Investment Management. He joined Gartmore in 1996 and last year took additional responsibility for Gartmore's structured products.

Gartmore outsources cash management to Morgan Stanley

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