Morgan Stanley has recruited the former head of Ernst & Young's global hedge fund practice as a managing director in its prime brokerage business shortly after the return of Stu Hendel as global head of the unit.

Joel Press assisted in building up the accounting firm's hedge fund practice during his 17-year tenure as the head of the global hedge fund practice. He also worked as a senior partner at securities firm Spicer & Oppenheim and held a seat on its management committee.