Morgan Stanley has hired Patrick Fuerer to be managing director and chief operating officer of Bank Morgan Stanley, the US bank’s Swiss subsidiary.

Fuerer joins from Raiffeisen Group Switzerland, where he was COO. He replaces Sven Spiess, who is joining the start-up wealth management group IJ Partners in Geneva as COO. Spiess had been with Morgan Stanley for 15 years and said the opportunity to work for IJ Partners was too good to pass up.