A dealmaker at Lazard, thought to have been in the running to replace Marcus Agius as chairman of the investment bank last year, has left to join Morgan Stanley. Matthew Jarman in March worked on UK travel company First Choice's takeover by German rival Tui.

A former head of European utilities at Lazard, Jarman is likely to take some of the responsibilities of Jonathan Grundy, who left Morgan Stanley last month to join US rival Merrill Lynch. Grundy was formerly global co-head of power and utilities but Jarman is not expected to take that role.