Merrill’s Kim To Found Hedge Fund

May 16 2007 | 11:04am ET

Another top Wall Streeter is striking out on his own, as Merrill Lynch’s second highest-paid executive is leaving the firm to found a hedge fund.

Dow Kim, co-president of global markets and investment banking, will leave the firm by the end of the year to set up a multi-strategy shop. Merrill, which characterized the split as amicable in a statement, notes that Kim will remain an adviser during the transition and that the firm will invest in Kim’s new venture.

Kim, who made $37 million last year, second only to CEO Stanley O’Neal, said that he had “as a personal goal founding and running” his own firm, and that “I don’t think there ever will be a more opportune moment than now for me to explore how best to do so.”

He declined to comment further about his new venture.

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