Morgan Stanley prime brokerage co-head to retire

One of Morgan Stanley's most senior prime brokerage executives will retire at the end of 2019 having led the division since 2009.

Morgan Stanley’s co-head of its prime brokerage business is set to retire at the end of 2019, according to an internal memo seen by The TRADE.

Alex Ehrlich co-led the business alongside Ben Walker for nearly 10 years, having joined from UBS in 2009. Walker will assume sole responsibility for the management of Morgan Stanley’s global prime brokerage business from January next year.

The memo, authored by the firm’s global co-heads of the equities division, stated that Ehrlich had played “a critical role in the management of our best in-class prime brokerage business”. It added, “[Alex] has been instrumental in overseeing the growth and success of our listed derivatives and fund administration businesses.”

Ehrlich began his career in 1979 at Goldman Sachs, where he went on to become co-head of global securities services, the bank’s prime brokerage division. He was then hired by UBS in 2003 as head of prime services. After joining Morgan Stanley, Ehrlich propelled the US bank to the top of the prime brokerage rankings and has not moved since despite tough competition from Goldman Sachs and JP Morgan.

Under his leadership, Morgan Stanley has been recognised as one of the highest rated prime brokers by hedge fund clients in The TRADE’s sister publication Global Custodian’s annual Prime Brokerage survey, and picked up awards across numerous service categories including capital introduction, financing, securities lending and technology.

“He [Alex] has been a champion of diversity and has had a huge impact on our culture, our clients and the development of our people. We are immensely grateful for his dedication and commitment to the equity division and wish him well in the next chapter,” the memo said.