Jefferies Snags BofA Team; Beefs Up Services To Hedge Funds

Feb 24 2006 | 12:00am ET

Jefferies & Company has snagged a six-person team of industry veterans from Banc of America Securities to enhance its prime brokerage unit, which is a large provider of services to small- and mid-sized hedge funds.

The group will be led by Glen Dailey, who will serve as head of prime brokerage services. Dailey is taking over the position from David Conover, who will focus on his role as the firm’s head of correspondent clearing, a position he held in addition to being head of prime brokerage services.

Before joining Jefferies, Dailey was a managing director and the chief operating officer of prime brokerage services at Banc of America Securities. The other members of the group are John Kunze, who was a managing director and head of technology at BofA; Evan Gevarter, previously a managing director and head of relationship management at BofA; Michael Hill, former principle and senior relationship manager at BofA; R. Penn Miller-Jones, previously a managing director and senior salesman at BofA; and Christopher Bianchi, former principle and senior operations manager at BofA.

“We see a vast opportunity to meet the needs of small and midsized hedge funds who are currently being underserved by Wall Street,” said Richard Handler, chairman and chief executive officer of Jefferies. 

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