Morgan Stanley Investment Management has appointed a successor to its head of Europe, the Middle East and Africa, who left earlier in the month, in a move that comes as the funds arm of the US bank prepares to lose the team in charge of one of its high-profile equities strategies run by star manager Hassan Elmasry.

Jim Dilworth is leaving the business after just two years in the role. He has been replaced by the asset manager's chief risk officer, Andy Mack.