Carl Davey has been appointed to Morgan Stanley in Sydney, as vice president of prime brokerage sales, marketing, and capital introductions in their new Australian prime brokerage operation. The New Zealander moves from New York, where he spent three years working at first in client service and more recently in prime broking sales. He has been with Morgan Stanley for nine years, initially in London.

He will be reporting to Richard Webb, executive director in Hong Kong, who has regional responsibility for prime brokerage sales.

"The Australian hedge fund business is evolving to incorporate strategies beyond traditional equity long/short, into more technical areas such as active-extension and credit-oriented strategies,ö says Kurt Baker, managing director and regional head of prime brokerage based in Hong Kong. ôFor a prime broker to service this space, attention to detail is critical. That's where Carl's technical background and knowledge of operational process will be very valuable."

Approximately 65% of hedge-fund investors in Australia are high-net-worth individuals. Only 20% are institutions and Morgan Stanley predicts that the latter will grow in proportion. Morgan Stanley is understood to have a market-leading 35% share of assets in the Australian hedge fund sector.