09/04/2010 Author: Elana Margulies

Former UBS Prime Brokerage pro moves to Morgan Stanley

Michael Torrisi, formerly managing director of UBS Prime Brokerage Services in Boston, has joined Morgan Stanley, HFMWeek has learned.

According to a source familiar with his plans, Torrisi is due to start this summer and will be located in the investment bank's Boston office. He is believed to be the first person in Morgan’s New England office to focus on prime brokerage services for hedge funds.

Torrisi's move comes on the heels of a number of recent shifts among prime brokerage professionals. Last week HFMWeek reported that Jeremy Todd departed Pershing Prime Services to join Barclays Capital.

Furthermore, Torrisi's departure from UBS comes amid the investment bank experiencing a wider shake-up among its prime brokerage personnel. Late last year, HFMWeek reported that Scott Houdek, formerly of BNP Paribas, joined as managing director and head of prime brokerage sales in Dallas. Meanwhile, exactly one year ago, John Laub was named head of the bank’s US prime brokerage business, replacing Matt Pecot.

According to January figures from Hedge Fund Research, UBS currently accounts for 8.9% of the prime brokerage market, while Morgan Stanley controls 15.6%.