FINRA Whacks Wells Fargo, Merrill Lynch $5M Over Unsuitable Floating-Rate Bank Loan Funds
Firms were fined $2.15 million and ordered to pay $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds.
Former BofA Exec Markets New Prime Brokerage Offerings
NEW YORK (HedgeWorld.com)--Steve Vermut, former president and chief executive for Banc of America's prime brokerage business, is launching his own prime brokerage and performance-reporting business, Merlin Securities, targeted to hedge funds. In launching his new business, Mr. Vermut will rely on his extensive experience in the hedge fund industry. Mr....
Bank of America Introduces Block Trading Technology
NEW YORK (HedgeWorld.com)--Banc of America Securities Electronic Trading Services Group launched a block trading system that can handle block trades of up to US$20 million. The...
Banc of America Announces New Prime Brokerage Effo
NEW YORK (HedgeWorld.com)--Banc of America is revamping its prime brokerage platform, integrating the its equity swap capabilities with traditional prime brokerage services. The firm hired Chris...
BofA's Vermut Resigns, Prime Brokerage Regroups
NEW YORK (HedgeWorld.com)--Stephan P. Vermut has resigned after eight years of leading the prime brokerage effort at Banc of America as president and chief executive. Mr....