Investment bank Goldman Sachs Group Inc. has hired Richard Kauffman, one of Morgan Stanley’s top bankers, to head its equity capital markets unit, according to people familiar with the situation.

Kauffman, who has helped manage some of the last decade’s highest profile IPOs as Morgan Stanley’s global head of equity capital markets and co-head of banking, will be named chairman of equity capital markets, the people said. A Goldman Sachs spokesman wasn’t immediately available.

The hire came as Goldman Sachs has slipped in the global equity underwriter rankings this year. The firm failed to earn a position as lead manager in the high profile IPO expected by search engine Google Inc., which is being managed by Morgan Stanley and Credit Suisse First Boston.