(Bloomberg) — Morgan Stanley's chief U.S. economist Ellen Zentner is leaving her post to lead a newly created team within the bank's wealth management business.

Zentner will lead the new thematic and macro investment team in Morgan Stanley's Global Investment Office starting Aug. 1, according to an internal memo reviewed by Bloomberg News.

Ellen Zentner, managing director and chief US economist for Morgan Stanley & Co., during the National Association of Business Economics (NABE) economic policy conference in Dallas, Texas, USA, on Monday, October 9, 2023. The theme of the event is “Beyond business cycle: Adapting to a new global paradigm.” Photo: Nitashia Johnson/Bloomberg

She will take up the role of chief economic strategist and global head of thematic and macro investments and will report to Lisa Shalett, chief investment officer of the bank's wealth management unit.

Zentner will focus on “publishing thought leadership on key macro and economic topics,” as well as working to advance thematic research, Shalett said in the memo released Monday.

Read more: US women chief economists have become even rarer on Wall Street

Zentner, who had been head of US macroeconomics at Morgan Stanley since 2015, was one of the last remaining female chief economists on Wall Street. Men mostly hold those positions at nearly two dozen financial institutions designated by the Federal Reserve as chief dealers — prestigious organizations that help the central bank implement monetary policy.

The memo did not say who would succeed Zentner. She declined to comment.