Rich Portogallo, a long-time Morgan Stanley executive, is retiring from the company, according to news reports.
Portogallo, most recently the firm’s global head of institutional equities, clients and services, is retiring in March, the Wall Street Journal writes, citing an internal memo.
Portogallo joined Morgan Stanley 34 years ago as one of the first hires into its prime-brokerage business and then helped build it into a “top competitor” by developing relationships with hedge funds and other big customers, according to the paper.
Morgan Stanley’s prime-brokerage operations suffered a major setback in 2008, when withdrawals by asset managers in the wake of the collapse of Lehman Brothers Holdings threatened the existence of the whole firm, the Journal writes. Portogallo helped revamp the unit and win back clients in the aftermath, in the process making Morgan Stanley into one of the top players in the space, according to the paper.
“There is no name more synonymous with the prime brokerage business at Morgan Stanley than Rich Portogallo,” Ted Pick, Morgan Stanley’s chief of trading and investment banking, wrote in the memo cited by the Journal. “Some of the firm’s most established clients of today were only an entrepreneur’s vision when Rich first identified, connected and institutionalized their business aspirations.”