August 2, 2004

B of A Adds to Options, FX, Emerging Markets Teams

NEW YORK (HedgeWorld.com)--Bank of America Corp. hired Brian Friedman as head of options market making for U.S. rates, with an eye toward expanding the business.

Mr. Friedman previously worked as a vice president at J.P. Morgan Chase & Co., New York, where he was responsible for market making in various areas, including swaptions, Libor caps and floors, spread locks and treasury and mortgage options, according to a statement from Bank of America.

Gerhard Seebacher, head of global rates in B of A's Chicago office and Mr. Friedman's new boss, said the hiring of Mr. Friedman would allow the bank to "expand and grow" its swaps, treasuries and mortgage options product range. "The interest rate options team is a key component in Bank of America's goal to become the preeminent rates derivatives provider in the U.S.," Mr. Seebacher said.

The bank also announced hires in its emerging markets and foreign exchange groups. Alain Delelis was hired as head of global spot and emerging market trading and head of overall EMEA foreign exchange. Previously he worked at Vega Asset Management Ltd., London, a US$12 billion global macro and fixed-income hedge fund firm, where he was a senior fund manager specializing in foreign exchange, according to a statement from Bank of America.

B of A also hired Robert Sinche as head of global foreign exchange research and strategy. Mr. Sinche previously worked at Citigroup Inc., as head of global currency strategy.

CClair@HedgeWorld.com

Contact Robert F. Keane with comments or questions at bkeane@investmentadvisor.com.

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