Moore Capital, a $10bn (€7.5bn) hedge fund manager, has hired Morgan Stanley's head of internal audit as chief financial officer.

Tony DeLuca joined the bank as global director of audit in 2003. He had spent the previous four years as chief financial officer of Morgan Stanley's asset management division, after 15 years as a partner at accountant and auditor Ernst & Young. He replaced Kevin Shannon, who was promoted within Moore Capital to vice-president of strategic policy, according to a spokesman for the firm. Moore Capital was founded by Louis Bacon in the late 1980s, making it one of the oldest surviving hedge fund managers. One of DeLuca's first tasks will be to oversee the legal restructuring of Moore Europe Capital Management, the firm's European arm. This has applied to the UK's Financial Services Authority to change from a limited company to a limited liability partnership. The spokesman declined to comment on the reasons for this change. Investment banks in the last two years have become a hunting ground for hedge fund managers looking for administrative staff as well as traders.