UBS Prime Brokerage Chief Hendel Quits

Mar 7 2011 | 11:48am ET

UBS has lost its prime brokerage chief to rival Bank of America Merrill Lynch.

Stuart Hendel resigned as global head of UBS' prime brokerage this morning, The Wall Street Journal reports. He has been in talks with BofA about taking over its prime brokerage business, and a deal between the two sides is expected soon.

Rumors of Hendel's impending departure for BofA first broke on Friday.

Hendel is expected to begin at BofA in June. His arrival will displace both of the bank's current prime brokerage chiefs, although both Denis Manelski and Sylvan Chackman are expected to remain with the firm. Manelski will continue to oversee futures financing alongside Hendel, as well as other areas, including securities repurchasing, while Chackman will be giving another prime-brokerage management role.

Hendel has been much-traveled in recent years. He joined UBS in 2009 from Morgan Stanley, where he ran the prime brokerage business for three years before being let go and replaced by UBS' prime brokerage head, Alex Ehrlich. Prior to rejoining Morgan Stanley, where he spent 15 years, in 2006, Hendel spent two years as chief operating officer at Eton Park Capital Management.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.