The bank had around 86,000 staff at the end of June, up from about 84,000 in 2015.
A Harvard Business graduate and eight-year former BCG consultant in the UK, Elton has been with Bain for nearly two decades, appointed to lead the firm’s EMEA private equity practice in 2005.
Massimiliano Ruggieri, Morgan Stanley’s head of investment banking for Italy, has been promoted to run financial sponsors for Europe, the Middle East and Africa, the bank confirmed.
The appointment of Khalifa, previously the bank’s chief business officer, follows former chief executive Ali Ahmed al-Kuwari moving to become Qatar’s minister of commerce and industry.
The business will draw on his experience of running investment teams for numerous leading financial institutions to take PAM to the next level as an investment service for The Fry Group, growing the PAM business across Asia and the Middle East.
Drury, who previously worked with Citi's European equity capital markets business, will start in his new role immediately, pending final regulatory approval.