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.”