Appaloosa Management has lured a top Bank of America executive to serve as its chief operating officer.
Jeff Kaplan will handle day-to-day management, client relationships and those with its service providers. He will report directly to David Tepper, founder of the Short Hills, N.J.-based hedge fund, which has $15 billion in assets.
Kaplan has led mergers and acquisitions at BofA since the firm bought Merrill Lynch in 2008. Kaplan had worked at Merrill since 1987. BofA said that Steven Baronoff, who headed M&A at BofA before Kaplan’s arrival, will retake the helm.
“We thank Jeff for his dedication and leadership and look forward to working with him in the future,” BofA executives Thomas Montag, Michael Rubinoff and Purna Saggurti said in an internal memo.
Kaplan will join Appaloosa next month. Until then, he’ll stay on a BofA to assist in the transition.