Morgan Stanley has filled a gap at the top of its European healthcare investment banking team a year and a half after the previous head left to join a rival, by promoting two managing directors in the team to co-run it.

Philippe Gallone, who has worked at Morgan Stanley since 2007 and was made a managing director in January 2015, and Siddhart Nahata, who was promoted to the same rank a year earlier and has been with the bank since 2005, have been appointed co-heads of healthcare banking for Europe, the Middle East and Africa.