14/04/2010 Author: Elana Margulies

Former UBS pro makes move to Morgan Stanley

Michael Torrisi, formerly managing director of UBS Prime Brokerage Services in Boston, has joined Morgan Stanley’s newly opened Boston-based prime brokerage office, HFMWeek.com exclusively revealed last week.

According to a source familiar with his plans, Torrisi, who will start at the firm this summer, 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 had departed Pershing Prime Services to join Barclays Capital.

Furthermore, Torrisi's departure from UBS comes as the investment bank is experiencing a wider shake-up in 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. A year ago, John Laub took over as head of UBS’s US prime brokerage business, replacing Matt Pecot.

Last week, Deutsche Bank also announced changes in its prime brokerage team, appointing Joe Cassidy as head of prime brokerage and derivatives clearing for global rates. He joins from investment bank Nomura, where he held several senior positions, including global co-head of prime services, global COO of prime services, head of equity strategy and head of European corporate strategy.

According to recent figures from Hedge Fund Research (HFR), UBS currently accounts for 8.9% of the prime brokerage market, while Morgan Stanley controls 15.6%. Deutsche Bank is believed to have 3.58% of business.