Morgan Stanley

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on Monday named Carlyle Group executive James Hance to its board of directors.

Hance, 64, is a senior advisor to the private equity firm. He is also a former chairman of affiliate Carlyle Capital Corp., a mortgage bond fund that was liquidated in March 2008.

Before Carlyle, Hance worked at

Bank of America

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and its predecessor companies for 18 years, where he held positions including vice chairman, chief financial officer and chief administrative officer. He was also a partner at Price Waterhouse in the 1980s.

Hance will begin his duties as a Morgan Stanley director on July 1. This will bring the total size of Morgan Stanley's board to 13 members, the company said.

"We continue to add deep financial services experience to our board, which is critically important as we navigate a new financial landscape," CEO John Mack said in a statement. "Jim brings a wealth of finance, management and commercial banking expertise to our board. He will be a great asset to our franchise.

Hance also serves on the board of directors of

Cousins Properties

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Shares of Morgan Stanley fell 5.8% on Monday to $26.63.