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

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel's Griffin Reaches Settlement in Contentious Divorce

Oct 8 2015 | 10:14pm ET

Billionaire hedge fund manager Ken Griffin and his wife have settled a long-running...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note