Morgan Stanley has hired Elena Titova, head of Goldman Sachs' Russian office, to lead its own expansion in the country. Titova, who has worked for Goldman for 12 years in London and Moscow, will join Morgan Stanley as a managing director in May.

In August, Morgan Stanley, among the first to establish a Moscow office in 1994, hired 35 to expand its base. Two months later John Mack, chairman and chief executive, visited Moscow to mark the start of the bank's securities trading.