NEW YORK (

TheStreet

) --

Morgan Stanley

(MS) - Get Report

is hiring former

Merrill Lynch

President Gregory Fleming to head its investment management unit, according to a published media report.

The report was published on

The Wall Street Journal's

Web site and cited an internal Morgan Stanley memo the newspaper had reviewed.

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The hiring is the first big one for Morgan Stanley's next CEO, James Gorman, who will take over the reins from departing CEO John Mack on Jan. 1, the report said.

The two executives worked together at Merrill Lynch before Gorman joined Morgan Stanley in 2005, the report noted.

Fleming was a key player in Merrill's emergency sale to

Bank of America

(BAC) - Get Report

in September 2008. He left Merrill shortly after the deal closed in January, the report said.

Shares of Morgan Stanley closed Friday at $29.78.

-- Written by a TSC staff member

.

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This article was written by a staff member of TheStreet.com.