UPDATE 1-Morgan Stanley rehires top strategist McVey

* McVey had been chief U.S. investment strategist

* Joins from Fortress Investment Group

NEW YORK, June 11 (Reuters) - Morgan Stanley (MS.N) said on Thursday that it had rehired Henry McVey, formerly its chief U.S. investment strategist, as head of global macro and asset allocation strategies for its asset management unit.

McVey will also be market strategist for the unit, Morgan Stanley Investment Management, and be a portfolio manager.

The unit oversees about $356 billion of assets and was formed in 1975 by Barton Biggs, another well-known strategist. Morgan Stanley said McVey would start his new job in late June and report to Stu Bohart, co-head of the unit.

McVey was most recently a portfolio manager at Fortress Investment Group LLC (FIG.N).

From 2004 to 2007, McVey had been Morgan Stanley's chief U.S. investment strategist and a member of its asset allocation committee. He joined Morgan Stanley in 1993, and rejoined it in 1997 after obtaining his graduate business degree at the Wharton School of the University of Pennsylvania. McVey has a bachelor's degree from the University of Virginia. (Reporting by Jonathan Stempel; Editing by Lisa Von Ahn)