Monday, 28 July 2014
Last updated 2 days ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…