21/04/2010 Author: Gwyn Roberts

Joel Press departs Morgan Stanley PB

Joel Press has quit Morgan Stanley’s prime brokerage team, HFMWeek.com exclusively revealed last week, as global chief Alex Ehrlich continues to reshape the bank’s hedge fund services business.

Press, a well-known figure within the hedge fund community, served as a managing director at Morgan for three years, following his 2007 recruitment from Ernst & Young. Based in the bank’s New York office, Press was largely responsible for identifying strategic opportunities for the unit.

The reasons behind Press’s decision to leave are still unknown, while the bank declined to comment. Meanwhile, Ehrlich has been has been busily strengthening Morgan’s regional presence, with new offices in Sao Paolo, Brazil and the US.   

Last week, HFMWeek exclusively revealed that Morgan Stanley was planning to open a prime brokerage presence in Boston. Michael Torrisi, formerly managing director of UBS prime brokerage services in Boston, will head the new unit, which is set to   launch in the summer.

The Sao Paolo office will be managed by Juan Coppola, who has been appointed head of Latin America prime brokerage, but will be based in New York. Marcelo Queiroz will relocate to Sao Paulo from San Francisco, to head up the new regional office.

Sources close to Morgan Stanley suggest the bank is also setting up a prime brokerage presence in Dallas.
Press arrived at Morgan with a stellar reputation. As head of Ernst & Young’s global hedge fund practice he created the sector’s largest hedge fund accountancy business. At one stage the firm was dealing with almost two thirds of the world’s funds.