Morgan Stanley Adds Carlyle Advisor Hance to Board of Directors

NEW YORK (Reuters) – Morgan Stanley (MS.N) said on Monday it named former Bank of America executive James H. Hance Jr. as a director, as part of an effort to add more financial services experience to the firm’s board.

Hance, a senior advisor with private equity firm The Carlyle Group, spent 18 years with Bank of America Corp (BAC.N) and its predecessor companies as a vice chairman, chief financial officer and board member. His appointment is effective on July 1.

Hance, who has not worked for Bank of America since 2005, was mentioned earlier this year as a potential replacement for CEO Kenneth Lewis.

Hance, 64, was chairman of Carlyle Capital Corp in 2007. He was a partner with Price Waterhouse in the 1980s.

He already serves on the boards of Duke Energy Corp (DUK.N), Cousins Properties Inc (CUZ.N), Rayonier Inc (RYN.N) and Sprint Nextel Corp (S.N).

(Reporting by Steve Eder; editing by Andre Grenon)