(Bloomberg) -- JPMorgan Chase & Co. hired Travis Machen from Morgan Stanley to run corporate banking for hedge funds, money managers and other mid-sized financial firms.

Machen, 37, was co-head of Morgan Stanley’s North American banks group in the investment-bank division, New York-based JPMorgan said today in a statement. He’ll be in charge of JPMorgan’s financial institutions group within its commercial bank, which serves clients with $50 million to $25 billion in assets, the company said.

Machen’s experience will be “essential to effectively address the rapidly changing regulatory environment that continues to affect this industry,” Rob Holmes, head of JPMorgan corporate client banking, said in the statement.