(Bloomberg) -- Mike Wilson, Morgan Stanley’s top US equity strategist, is stepping down from his role as chair of the firm’s Global Investment Committee, according to an internal memo.

The Wall Street giant’s top-rated US equity strategist will step off the GIC “to focus on serving his key institutional clients, where the demand for generating tactical alpha is intensifying,” the emailed note from Jed Finn, chief operating officer of Morgan Stanley Wealth Management, said Friday.

Lisa Shalett, chief investment officer for Morgan Stanley’s wealth management business, will assume day-to-day duties as chair of the committee, per the memo. Wilson remains Morgan Stanley’s top-rated US equity strategist and the firm’s chief investment officer.

A spokesperson for Morgan Stanley declined to comment on the changes.

“Over the past 10 years, the Global Investment Committee under the stewardship of Michael Wilson has delivered outstanding long-term results for private clients invested in the firm’s asset allocation models,” the memo said. “Now as Wealth Management’s focus on serving an ever more complex set of clients with long-term strategic needs grows, it is time for the GIC to evolve accordingly.”

Wilson joined Morgan Stanley in 1989 as an investment banker and held various positions within the bank’s institutional equity division between 1995 and 2012, according to the website. He’s one of Wall Street’s most prominent bears, and kept his call for a market decline throughout 2023 as the S&P 500 Index soared 24%. 

Shalett joined Morgan Stanley in 2013 and has served as CIO of its wealth management arm since 2019.

Separately, Ellen Zentner, the firm’s chief US economist, will join the GIC, along with managing directors Dan Skelly and Steve Edwards.

(Updates with response from Morgan Stanley spokesperson.)

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