BofA Prime Brokerage Chief On Way Out

Mar 12 2014 | 11:16am ET

Stuart Hendel is on the move again.

Hendel, Bank of America's head of global prime brokerage, is in talks to leave that firm. Hendel's exit is expected at the end of May, following a transition period, The Wall Street Journal reports.

Hendel joined BofA in 2011, after similarly short stints as head of prime brokerage at UBS and Morgan Stanley. From 2004 through 2006, Hendel served as chief operating officer at Eton Park Capital Management.

His latest departure is due to disagreements with BofA global equities chief Fabrizio Gallo over whether the prime brokerage business should grow, or simply be maintained. A BofA spokesman told the Journal that the bank's "strategy remains unchanged in prime brokerage."

Hendel's exit follows that of Robert Sachs, his global head of capital introductions. Sachs told BofA this week that he plans to join a hedge fund.


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