Daniel Allen will become a partner and senior portfolio manager at alternative investment manager Anchorage Advisors in August. The position is new for the $7 billion hedge fund manager, said spokesman Jonathan Gasthalter. Mr. Allen will join the firms core bank debt, fixed-income and distressed investment strategy teams, CEO Kevin Ulrich said in a news release. Mr. Allen was co-head of North American credit trading at Morgan Stanley. His duties were assumed by Michael Heaney, the other co-head of North American credit trading, said Jennifer Salla, Morgan Stanley spokeswoman.