Morgan Stanley (NYSE:MS) announced today that Joel Press will join the Firm’s Prime Brokerage division as a Managing Director.  In this role, he will focus on clients and the continuing complexities of the hedge fund asset class.  He will also assist in identifying strategic opportunities for the business and will be based in New York.

Mr. Press served as Head of the Global Hedge Fund Practice at Ernst & Young from 1989-2006. While there, he helped build one of the industry’s leading hedge fund practices, with over 1100 professionals, and advised hedge funds on business strategy as well as accounting and tax issues.
 
“Throughout his impressive career at Ernst & Young, Joel Press played a unique and important role providing solutions for the hedge fund community,” said Rich Portogallo, Head of Equity Financing Services and Head of U.S. Equities at Morgan Stanley.  “We are delighted that he has decided to join our Prime Brokerage business to help us continue to provide first class service to our client base.”

“Morgan Stanley’s Prime Brokerage business is widely regarded as the industry leader in this space,” said Joel Press.  “I am excited to join this dynamic, outstanding team and continue to work with asset managers.”

Prior to joining Ernst & Young, Mr. Press was a Senior Partner and Member of the Management Committee of Spicer & Oppenheim.  He holds a B.S. in Accounting from Long Island University, Brooklyn Campus.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services.  The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com.

Contact: Media Relations, Mary Claire Delaney, 212.761.5412