(Bloomberg) -- Blackstone Inc. is hiring a senior executive from Morgan Stanley to become head of international in its newly formed credit and insurance division.

Dan Leiter, who was global head of securitized products trading at the US bank, will lead the activity and expansion of Blackstone Credit & Insurance (BXCI) in Asia and Europe, according to a statement seen by Bloomberg News. The credit veteran is joining Blackstone after almost two decades at Morgan Stanley, according to Financial Industry Regulatory Authority records, where he also led trading of European structured bonds.

Alongside Leiter’s appointment, Michael Carruthers, a senior managing director at Blackstone, will become head of European private credit, the statement said.

The appointments come shortly after Blackstone made sweeping changes atop its credit unit, consolidating groups that invest in corporate credit and asset-based finance. Its newly-formed BXCI division, led by Gilles Dellaert, has about $330 billion of assets under management and the firm set a goal to grow total credit assets to $1 trillion within a decade.  

BXCI invests in a variety of credit products including direct lending, collateralized loan obligations and high yield debt.

Read more: Blackstone Taps New Credit Boss in Bid for $1 Trillion Goal (1)

--With assistance from Dawn Lim.

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