Bank of America Merrill Lynch announced today that Stuart Hendel will join the company as managing director and head of Global Prime Brokerage. In this role, Hendel will be responsible for leading the continued expansion of the company’s prime brokerage businesses on a global basis.
Hendel, who is expected to join the company in June, will be based in New York and report to Tom Patrick and Mike Stewart, co-heads of Global Equities. Additionally, the Global Futures and Derivatives Clearing Servicesgroup will report to Hendel and Denis Manelski. Manelski will also continue as head of Global Short Rates Trading.
“Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years,” said Mike Stewart. “Under Stu’s leadership, we look to aggressively build on that success and establish the industry’s leading prime brokerage platform.”
“A well-respected industry veteran with outstanding client relationships, Stu has a proven track record of managing and expanding global prime brokerage businesses,” said Tom Patrick. “We are very pleased to welcome him as a member of our leadership team.”
Hendel began his financial career at Morgan Stanley, where he held a number of leadership roles before moving to multi-strategy hedge fund Eton Park in 2004, where he was a founding partner. In 2007, he returned to Morgan Stanley as global head of Prime Brokerage, and since 2009, he has been head of Global Prime Services at UBS.
Bank of America Merrill Lynch’s prime brokerage platform was ranked No. 1 in Capital Introductions and No. 1 in Europe in Global Custodian’s 2010 Prime Brokerage Survey. In addition, the company was named Best Synthetic Provider in Global Investor/isf’s 2010 Synthetic Financing Survey and Most Innovative in Prime Brokerage for 2010 by The Banker magazine.
Bank of America Merrill Lynch is a leading global provider of equity, options and futures trading, sales and research services to mutual funds, hedge funds, broker-dealers, pensions, endowments and other institutions.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
SOURCE: Bank of America