Wednesday, 27 August 2014
Last updated 7 hours ago
Oct 30 2007 | 6:04pm ET
The global head of prime brokerage at Banc of America Securities has resigned his post, FINalternatives has learned. A woman at the firm’s New York offices confirmed that Christopher Pesce is no longer at BofA, but could not provide further details. A source with knowledge of the situation said that Pesce, who was a managing director, quit on Monday night.
The firm’s press office did not immediately return calls for comment.
The move follows last week’s announcement that corporate parent Bank of America plans to soon eliminate 3,000 jobs and begin a strategic review of its investment banking unit. Meanwhile, long-time Banc of America Securities Chief Gene Taylor announced his retirement last week and is being replaced by Brian Moynihan, previously head of the bank's global wealth and investment management business.
As for Pesce, he joined BofA from Goldman Sachs in July 2002 with a mandate to extend its prime brokerage operations beyond equities. The move followed the resignation of Stephan Vermut, who had steered the prime brokerage effort at the firm for eight years as president and CEO.
Within months of his hiring, Pesce made several key hires, bringing on talent from Merrill Lynch, Lehman Brothers and Goldman Sachs. But the unit has recently suffered some turnover, with six top executives—including former chief operating officer Glen Dailey—leaving last February to manage an expanded prime brokerage unit at New York-based investment bank Jefferies Group.
BofA currently has over 500 prime brokerage clients.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...