Morgan Stanley Dean Witter has named Jonathan Fouts as head of Asian equity capital markets, replacing Colin Stewart who is moving to the bank's office in Menlo Park, California.

A bank spokesperson has confirmed that the two have been working side-by-side since January in a transition period that has allowed Fouts to build a relationship with the bank's Asian clients.

Fouts has been with Morgan Stanley for six years and previously worked for the equity capital markets division in New York.

Stewart is heading to the US after a five-year stint in Asia. He will become co-head of the bank's equity capital markets technology division with Daniel Simkowitz.