Opalesque Industry Update - Bank of America Merrill Lynch announced that Stuart Hendel will join the company as managing director and head of Global Prime Brokerage. In this role, Hendel will be responsible for leading the continued expansion of the company’s prime brokerage businesses on a global basis. |
Hendel, who is expected to join the company in June, will be based in New York and report to Tom Patrick and Mike Stewart, co-heads of Global Equities. Additionally, the Global Futures and Derivatives Clearing Services group will report to Hendel and Denis Manelski. Manelski will also continue as head of Global Short Rates Trading.
“Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years,” said Mike Stewart. “Under Stu’s leadership, we look to aggressively build on that success and establish the industry’s leading prime brokerage platform.”
“A well-respected industry veteran with outstanding client relationships, Stu has a proven track record of managing and expanding global prime brokerage businesses,” said Tom Patrick. “We are very pleased to welcome him as a member of our leadership team.”
Hendel began his financial career at Morgan Stanley, where he held a number of leadership roles before moving to multi-strategy hedge fund Eton Park in 2004, where he was a founding partner. In 2007, he returned to Morgan Stanley as global head of Prime Brokerage, and since 2009, he has been head of Global Prime Services at UBS.
Bank of America Merrill Lynch’s prime brokerage platform was ranked No. 1 in Capital Introductions and No. 1 in Europe in Global Custodian’s 2010 Prime Brokerage Survey. In addition, the company was named Best Synthetic Provider in Global Investor/isf’s 2010 Synthetic Financing Survey and Most Innovative in Prime Brokerage for 2010 by The Banker magazine.
Bank of America Merrill Lynch is a leading global provider of equity, options and futures trading, sales and research services to mutual funds, hedge funds, broker-dealers, pensions, endowments and other institutions.