Tuesday, 27 September 2016
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Mar 8 2011 | 12:13pm ET
Stuart Hendel's exit as head of UBS' prime brokerage unit is also costing that bank two other top executives.
Both UBS' head of U.S. prime brokerage sales and its head of European prime brokerage are following Hendel out the door. The former, Jonathan Yalmokas, is likely to join Hendel at Bank of America Merrill Lynch, which yesterday introduced Hendel as its new prime brokerage chief. The plans of the latter, Charlotte Burkeman, are unclear.
Hendel will join BofA in June, displacing the current heads of the firm's prime brokerage, Denis Manelski and Sylvan Chackman, both of whom are expected to stay with the firm.
"Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years," said Mike Stewart, co-head of global equities and Hendel's new boss. "Under Stu's leadership, we look to aggressively build on that success and establish the industry's leading prime brokerage platform."
BofA is the third bank at which Hendel will serve as head of prime brokerage. Before joining UBS in 2009, he ran the prime brokerage business at Morgan Stanley for three years. Prior to that, he was chief operating officer at hedge fund Eton Park Capital Management.