Morgan Stanley, owner of the world’s largest brokerage, hired Mark Rice as chief operating officer of its hedge-fund services business.
Rice, who joins the bank from Advent Software Inc., worked at Morgan Stanley for 20 years before starting his own company in 2004, according to an internal memo from Seth Weinstein, chief executive officer of the fund-services unit, obtained by Bloomberg News today. Mary Claire Delaney, a spokeswoman for New York-based Morgan Stanley, confirmed the memo’s contents.
Morgan Stanley started its fund-services unit, which provides accounting, financial reporting and other back-office services to hedge funds, in 2004. The unit administers more than $120 billion of hedge-fund assets and has more than 400 employees, according to a note to clients in March.
Rice was chief technology officer of Morgan Stanley’s prime brokerage before starting Tamale Software Inc., which developed research-management systems for investment firms. Advent bought Tamale in 2008 for about $60 million, according to data compiled by Bloomberg.