Saturday, 20 December 2014
Last updated 1 day ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.