Morgan Stanley Prime Brokerage Exec. Quits

Apr 1 2009 | 2:06am ET

Morgan Stanley’s U.S. prime brokerage chief has resigned from the firm after 20 years.

Patrick Mortimer left Morgan Stanley for personal reasons, according to The Wall Street Journal, which also reports that it does not appear he was forced out. Morgan Stanley was among the prime brokerages hardest hit by the banking crisis last year, and has apparently had difficulty regaining its footing.

Mortimer will not be replaced. Stuart Hendel, who leads Morgan Stanley’s global prime brokerage business, will take on Mortimer’s responsibilities.

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