Chappuis is joining $170 billion asset manager Carlyle as managing director and head of the Solutions business division, according to a statement released on Monday by the asset management firm. He will be based in New York.

The Solutions group is one of Carlyle's four main business segments and includes the asset manager's fund-of-funds, Portfolio Advisory and Risk Management Services.

Morgan Stanley sent a memo to staff on Monday informing them that Chappuis was leaving in May and that Arthur Lev, who runs Morgan Stanley Investment Management's (MSIM) Long-Only business, will succeed him.

Lev will continue to head the long-only group alongside his new duties for the fund-of-funds business, Alternative Investment Partners (AIP), according to the memo obtained by Reuters. AIP has roughly $29 billion under management, an increase of 53 percent over the last three years, the memo said.

Lev previously worked as chief strategy officer of MSIM Traditional Asset Management, according to the note, which was sent by Greg Fleming, head of Morgan Stanley's asset-management division.

Prior to 2007, Lev was a partner and general counsel of hedge fund FrontPoint Partners, which completed a spin-off from Morgan Stanley in March 2011.