Morgan Stanley has hired Citigroup's Ashok Nayyar as a managing director and co-head of leveraged and acquisition finance, and Goldman Sachs' Martin Thorneycroft as an executive director of high-yield capital markets in Europe.

Nayyar joins the bank on May 1 and will co-lead the bank's global leveraged and acquisition finance business with Michael Hart. Hart had been the sole head of the group, but his position is being split with the addition of Nayyar as Morgan Stanley grows its leveraged finance business.