(Bloomberg) -- Morgan Stanley hired former Credit Suisse banker Min Huang to lead its China investment management division as the US firm recalibrates its mutual fund business and expands its product offerings in the world’s second-biggest economy.  

Huang, most recently China head of client coverage for UBS Asset Management, will focus on attracting funds from high net worth and institutional investors, according to an internal memo last week that was confirmed by a Hong Kong-based spokeswoman. 

Morgan Stanley has been overhauling its money management business in China after attaining full ownership of a joint venture with its local partner last year. The New York-based bank hired Michael Levin from Goldman Sachs Group Inc. to head the unit for Asia, while adding Alex Zhou, formerly with United MetLife Insurance Co. in Shanghai, as chief investment officer. The bank also reorganized the China operation, letting go more than a dozen local staff. 

Levin spent more than a decade at Credit Suisse and overlapped with Huang, who had a more than 18-year stint at the Swiss bank in Hong Kong. Part of Huang’s mandate is to expand the business through so-called qualified domestic limited partnerships. These allow foreign and local asset managers to raise money in Chinese currency to invest in overseas products ranging from stocks and bonds to alternative investments like private equity and hedge funds.

Global companies are making headway in China’s 27 trillion yuan ($3.7 trillion) mutual fund market after regulators quickened approvals, increasing the number of wholly foreign-owned operators. JPMorgan Chase & Co. got regulatory approval for full control of its joint venture in January last year, two months after Manulife Financial Corp. became the first foreign firm to win 100% ownership through an acquisition. Other companies that have similar operations include Fidelity International Ltd., Neuberger Berman Group and BlackRock Inc.

Read more: Credit Suisse Names Min Huang as APAC Head of Asset Management

Based in Hong Kong, Huang will have responsibilities across Morgan Stanley investment management business platforms and distribution in Greater China, according to the memo. She was the Asia-Pacific head of Credit Suisse Asset Management before joining UBS last year after the takeover of its Swiss rival.

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