The architect of Morgan Stanley's push into corporate broking, which has propelled the bank from nowhere to a top-three position in little over a decade, has taken on a new position as chairman of the business, with the US bank appointing two new co-heads below him.

Paul Baker, who joined Morgan Stanley from Merrill Lynch in April 2004 to build and lead the bank's new broking team, has been promoted to chairman of UK corporate broking, a newly created position, in which he will retain a hands-on role in running the business, according to a person familiar with the matter.