Michael Kelly and Daniel Waters, both managing directors, were named co-CEOs of FrontPoint Partners, Morgan Stanley Investment Managements hedge fund unit. The CEO positions are new, part of a restructuring of FrontPoints leadership following the promotion of Stuart Bohart, managing director, to co-head of MSIM, said a source who asked not to be identified. Mr. Bohart had been MSIMs head of alternatives, including FrontPoint Partners. Mr. Kelly will remain the teams CIO and co-portfolio manager of the FrontPoint Multi-Strategy Fund with Gil Caffray, chairman of FrontPoint and vice chairman of MSIM, according to an internal memo from Mr. Bohart obtained by P&I Daily. Mr. Waters, who also is head of MSIMs U.S. institutional advisory group, will hand over his responsibilities and that title in the next few weeks to Steve Radakovich, who joined the firm last year, according to Mr. Boharts memo. Mr. Radakovich is co-head of the institutional advisory groups corporate, endowment and foundation team. Information about Mr. Radakovichs replacement was not available.Assets under management at FrontPoint Partners rose 70% to $9.3 billion as of Dec. 31, up from $5.5 billion at the end of 2006, according to Mr. Boharts memo.