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. Vermut was responsible for expanding the Banc of America Prime Brokerage client roster to 800 clients with US$30 billion in assets, according to an announcement posted on news wires today. He was originally with Montgomery Prime Brokerage Services, a division of Montgomery Securities, which was acquired by Banc of America. Mr. Vermut oversaw the growth of the BofA’s prime brokerage business, which achieved 100% revenues and earnings growth in its first five years.
Previously Mr. Vermut had been with Furman Selz for 12 years as managing director of the prime brokerage division, according to Banc of America’s prime brokerage web site.
In a letter to his prime brokerage clients, obtained by HedgeWorld, Mr. Vermut wrote: “Today our business is considered by many to be the quality Prime Broker in the industry. Building this business has been the most fun I have ever had and an experience that will stay with me for the rest of my life. What could be better than that?”
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That question has yet to be answered, since it is not known where Mr. Vermut is heading or whether he will be replaced. According to a source, it is not clear why Mr. Vermut left. Officials at Banc of America were not available for comment.