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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

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.