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

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Maglan Capital: Some Lessons Learned From Puerto Rico

Jul 13 2017 | 8:00pm ET

Although Maglan Capital has not been invested in Puerto Rico for more than three...