The gauge invariant degrees of freedom of matrix models based on an N x N
complex matrix, with U(N) gauge symmetry, contain hidden free particle
structures. These are exhibited using triangular matrix variables via the Schur
decomposition. The Brauer algebra basis for complex matrix models developed
earlier is useful in projecting to a sector which matches the state counting of
N free fermions on a circle. The Brauer algebra projection is characterized by
the vanishing of a scale invariant laplacian constructed from the complex
matrix. The special case of N=2 is studied in detail: the ring of gauge
invariant functions as well as a ring of scale and gauge invariant differential
operators are characterized completely. The orthonormal basis of wavefunctions
in this special case is completely characterized by a set of five commuting
Hamiltonians, which display free particle structures. Applications to the
reduced matrix quantum mechanics coming from radial quantization in N=4 SYM are
described. We propose that the string dual of the complex matrix harmonic
oscillator quantum mechanics has an interpretation in terms of strings and
branes in 2+1 dimensions.Comment: 64 pages, v2: Exposition improved, minor corrections; v3: Typos
corrected, published versio