Owen Thomas was named president of Morgan Stanley Investment...

Owen Thomas was named president of Morgan Stanley Investment Management, according to Jim Badenhausen, spokesman. Mr. Thomas, who took over as acting president of the unit in September after Mitchell M. Merin retired from the position, will report directly to Zoe Cruz, acting president of Morgan Stanley. Mr. Thomas, who joined Morgan Stanley in 1987, was a managing director and head of Morgan Stanley Real Estate for five years. While acting president of Morgan Stanley Investment Management, he restructured the firm's investment operations and divided it into separate equity, fixed-income and alternative investment groups.

Los Angeles County Employees Retirement Association, Pasadena, Calif., hired Heidrick & Struggles to assist in the search for a new CEO, said Marsha Richter, current CEO of the $32 billion fund. Ms. Richter plans to retire in mid-October.

Brian DiDonato was promoted to president of GMAC Institutional Advisors, succeeding Nathan Kornfeld, who left the company in late November, said Joyce Patterson, spokeswoman. Mr. DiDonato, a managing director, was also named a member of parent GMAC Commercial Holding's executive committee and co-chair of the global funds management committee. He will continue to manage GMAC Institutional Advisors' levered finance unit, which invests in high-yield debt and real estate securities.