In an effort to increase distribution of its products through financial institutions, Morgan Stanley announced it promoted Jonathan Pruzan and Eric Bischof to global co-heads of it financial institutions group.

They replace Ruth Porat, who was promoted to chief financial officer in December. Bischof, 45, was global chief operating office of the financial institutions group. He has worked for Morgan Stanley for 13 years. He is among the lead Morgan Stanley bankers advising the Federal Reserve Bank of New York on the restructuring of insurer American International Group Inc.

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