Morgan Stanley has named a new head of its team serving private equity clients in Europe — as banks step up efforts to reap fees from buyout firms’ record sums of untapped capital, amid signs of an uptick in M&A.

Massimiliano Ruggieri, Morgan Stanley’s head of investment banking for Italy, has been promoted to run financial sponsors for Europe, the Middle East and Africa, the bank confirmed. He fills a role left vacant by Kamal Jabre, who left in May 2017.