We consider a toy model for the study of monitored dynamics in many-body quantum systems. We study the stochastic Schrödinger equation resulting from continuous monitoring with a rate Γ of a random Hermitian operator, drawn from the Gaussian unitary ensemble (GUE) at every time t. Due to invariance by unitary transformations, the dynamics of the eigenvalues {λα}α=1n of the density matrix decouples from that of the eigenvectors, and is exactly described by stochastic equations that we derive. We consider two regimes: in the presence of an extra dephasing term, which can be generated by imperfect quantum measurements, the density matrix has a stationary distribution, and we show that in the limit of large size n→∞ it matches with the inverse-Marchenko–Pastur distribution. In the case of perfect measurements, instead, purification eventually occurs and we focus on finite-time dynamics. In this case, remarkably, we find an exact solution for the joint probability distribution of λ’s at each time t and for each size n. Two relevant regimes emerge: at short times tΓ=O(1), the spectrum is in a Coulomb gas regime, with a well-defined continuous spectral distribution in the n→∞ limit. In that case, all moments of the density matrix become self-averaging and it is possible to exactly characterize the entanglement spectrum. In the limit of large times tΓ=O(n), one enters instead a regime in which the eigenvalues are exponentially separated log(λα/λβ)=O(Γt/n), but fluctuations ∼O(Γt/n) play an essential role. We are still able to characterize the asymptotic behaviors of the entanglement entropy in this regime.