Amy Falls was named CIO of Phillips Academy, Andover, Mass., said Tana Sherman, director of public information. Ms. Falls will work with the school's investment committee and CFO Stephen Carter to oversee management of the academy's $620 million endowment. It is a new position. Ms. Falls was a managing director and co-head of global fixed-income strategy for Morgan Stanley, covering the U.S. market, said Morgan Stanley spokesman Mark Lake. Morgan Stanley is looking for a replacement.