Morgan Stanley has hired Alex Ehrlich, head of prime services at UBS, to take on the same role at Morgan Stanley. Ehrlich will replace prime brokerage chief Stu Hendel, who is leaving the firm.
Ehrlich, who will start his new role in August, served as head of prime services at UBS for six years. At Morgan Stanley, he will report to Rich Portogallo, co-head of institutional sales. Before joining UBS, Ehrlich was co-head of global securities services at Goldman Sachs.
Prior to the current slowdown, Ehrlich’s efforts at UBS had produced a steady increase in the firm’s prime brokerage market share. In the recent Absolute Return prime brokerage