The House of Gorman has lost some good men to UBS.
From the front lines:
"Today UBS poached Juan Luis Perez, Global Director of Research, and Barry Hurewitz, Global COO of Research at MS. Shocking to most people internally. Understandable that they might leave, given the compensation situation at Morgan Stanley but...UBS? Seriously?? They were the architects of the MS research platform, which is one of the strongest on the Street. Also, this comes the day after Gorman sent a company-wide memo praising everyone at the firm: banking, sales, trading, fixed income, capital markets...with no mention of research."