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UBS, Morgan Stanley exchange prime brokerage chiefs

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UBS and Morgan Stanley have swapped their global heads of prime brokerage. UBS this week announced the hire of Stuart Hendel as global head of prime brokerage, replacing former chief Alex Ehrlich.

Hendel left Morgan Stanley in May and was replaced by Ehrlich, who is currently on garden leave and will assume his new role in late August. (See “Morgan Stanley replaces prime brokerage chief,” Absolute Return Weekly, May 22.)

In a July 23 internal announcement of Hendel’s hire, Daniel Coleman, co-head of global equities at UBS, noted that “Stu will focus on meeting the evolving needs