Morgan Stanley Investment Management announced staff  changes for two of its non-diversified, closed-end funds—one for Thailand and another for Malaysia—following the departure of the manager of both funds.

Sebastian Chia, who was with Morgan Stanley since 2000 and was a portfolio manager of the funds since 2006, left the firm August 15, according to a spokeswoman for the investment bank.

Morgan Stanley shuffles staff after fund manager departs

Yaël Bizouati in New York

Morgan Stanley

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The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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