Sunday, 19 April 2015
Last updated 17 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…