Fanning, who will take up the post at the end of 2002, will report to Rick Ball, head of Australian investment banking at Morgan Stanley.

Previously of BT Financial Group and AMP Henderson, Fanning has 15 years experience in Australia's equity markets experience. In his new role, Fanning will focus on activities such as acquisition finance and capital management for corporate clients.

"We are excited to add Marcus' experience and insightful perspective in the equity markets to the platform that Morgan Stanley continues to build in Australia," says Ball. The appointment follows other recent additions to the Morgan Stanley equities operation, including Merrill Lynch media analyst Andrew McLeod and oil and gas analyst Stuart Baker from Macquarie Bank.