Morgan Stanley has appointed Naresh Naik as an executive director and head of asset management for its Indian real estate unit. Naik, an architect who was earlier head of asset management for Lehman Brothers in India, starts in his new role later this month and will be based in Mumbai, Morgan Stanley said in a statement issued late on Monday. Morgan Stanley, which also has investment banking, wealth management and mutual fund operations in India, has invested more than $750 million in Indian real estate, a sector which is cooling due to higher interest rates and tighter funding.

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