FrontPoint Partners is getting its first CEO. Or, as it were, CEOs.

Morgan Stanley, which bought FrontPoint in December 2006, named Mike Kelly and Dan Waters co-CEOs today. Kelly will continue to serve as the firm’s chief investment officer and co-manager of its multi-strategy fund. Waters moves to FrontPoint from the bank’s institutional advisory group, which he headed.

Gil Caffray, FrontPoint’s co-founder, will remain the firm’s chairman.

“Mike and Dan have a long history of working together and they will manage all aspects of FrontPoint’s business,” Stu Bohart, head of alternative investments at Morgan Stanley Investment Management, wrote in an internal e-mail, Reuters reports. He said the pair will be charged with helping “dramatically expand” the now-$9.3 billion hedge fund.