Morgan Stanley Adds UBS Prime Brokerage’s Torrisi

Apr 12 2010 | 7:48am ET

Morgan Stanley has hired a UBS prime brokerage executive to serve as its first full-time employee in the space at its Boston office.

Michael Torrisi is set to take up the new post during the summer, serving as a managing director, according to a source close to the firm.

At UBS, Torrisi was a managing director in the firm's prime brokerage unit.

Three years ago, Torrisi was at the center of a complaint filed by Massachusetts regulators against UBS, accusing the firm of giving hedge fund clients sweetheart deals, involving “implicit and sometimes explicit quid pro quos.” The firm was also accused of showing the door to hedge funds that did not produce for it.

“Either we kick them out now or give them six to nine months and tell [them] we need to try to get more revenues,” Torrisi once wrote in an e-mail about a hedge fund tenant that was receiving reduced rent. At the time, UBS declined to comment on the complaint.

A spokeswoman for UBS said today that despite Torrisi's departure, “we remain committed to having a presence in Boston.” 


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.