Morgan Stanley India appoints Nayak as country head

Morgan Stanley has made a high-profile hire, appointing erstwhile UTI veteran P Jayendra Nayak as chief executive officer and country head for India.

Nayak will continue to be based in Mumbai. He replaces Narayan Ramachandran who resigned as country head earlier this year to focus on development activities. Ramachandran has taken on a role as senior adviser to Morgan Stanley, particularly with regard to its wealth management businesses.
 
In hiring Nayak, Morgan Stanley is adopting a different strategy from the earlier Ramachandran appointment. Ramachandran was a veteran Morgan Stanley banker, with the firm since 1996, who had spent much of his career overseas. He moved to India in 2006 as chief executive officer of...