Morgan Stanley Investment Management has hired a head of distribution for its liquidity business outside the US, despite concerns over money market funds and investors' ability to trade in the wake of the credit crunch.

Donald Aiken, who is chair of London-based industry body the Institutional Money Market Funds Association, joins Morgan Stanley from Scottish Widows Investment Partnership, where he was head of cash services. He has overall responsibility for growing MSIM's liquidity business in Europe, the Middle East and Africa.