Morgan Stanley has reportedly made a senior appointment in its investment management business.

According to a Reuters report, the bank has appointed Amy Oldenburg as the new head of emerging markets equity at its investment management business.

The appointment is effective immediately, the news agency added citing an internal memo.

Oldenburg has worked in Morgan Stanley’s asset management business for more than 20 years. Since 2013, she held the position of the chief operating officer responsible for managing emerging markets platform.

Oldenburg succeeds Ruchir Sharma who is leaving the bank after 25-years of service.

Sharma, who joined Morgan Stanley’s investment management business in 1996, has also served as its chief global strategist.

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By GlobalData

According to the memo, Eric Carlson will become the head of sustainability and will work to boost the bank’s growth in sustainable investing solutions.

Other developments at Morgan Stanley

In October, Bloomberg reported that the shareholders of Chinese e-commerce firm Vipshop filed a lawsuit against Morgan Stanley.

The lawsuit, which also names Goldman Sachs Group, accused the banking giants of trading on inside information when selling the stock they held for Archegos.

In July this year, Morgan Stanley said that a data breach involving a third-party vendor exposed some personal data of its corporate clients.

This year, the bank also launched a new fund in partnership with Hearst, Microsoft and Walmart to support start-ups.