Prime Brokerage Exec. Press Out At Morgan Stanley

Apr 15 2010 | 10:18am ET

The head of Morgan Stanley’s global hedge fund practice has left the firm.

Joel Press, recruited three years ago from Ernst & Young, has quit Morgan Stanley’s prime brokerage, HFMWeek reports. Since 2007, he has headed the firm’s efforts to find strategic opportunities.

The reasons for Press’s departure are unclear, but they come as Alex Ehrlich, Morgan Stanley’s new prime brokerage honcho, has worked to build out the business. Ehrlich joined Morgan Stanley from UBS last May.

Press served as head of E&Y’s global hedge fund practice for some 17 years.

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