Frances Campion, the veteran lead portfolio manager for Morgan Stanley's global value fund since 1992, will leave the firm at the end of October.
Her replacement is Colin McQueen, Campion's second-in-command for the past two years.
McQueen worked previously at UBS Global Asset Management as a portfolio manager for the firm's international shares strategies and was running the portfolio for several months while Campion was on leave.
Research house Morningstar made no change to its existing recommendation of the fund as investment grade.
"McQueen is an adequate replacement for Campion; our concern lies with the relatively short period of time the team has worked together," Morningstar said.
Campion left for personal reasons.
Morgan Stanley has $4.6 billion in assets under management in Australia.
Construction industry fund BUSSQ has a $109 million global equities mandate with Morgan Stanley's value fund.
