Thursday, 5 March 2015
Last updated 4 hours 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…