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 Pesce from Goldman Sachs last summer as global head of prime brokerage to manage the build-out of the new platform. Mr. Pesce is creating a management team drawing on both internal and external talent, according to BofA.

This announcement follows the resignation of a key prime brokerage executive, Stephan P. Vermut. He had been at the helm of the prime brokerage effort there for eight years as president and chief executive.

Glen Dailey, who was one of the original founders of the Banc of America Securities prime brokerage business, is staying on and will serve as chief operating officer of the group. A number of recent hires have helped the group to grow. Those hires include: Pascal Scemama, head of prime brokerage trading and risk, who joined from Merrill Lynch; Mark Whitehead, head of European prime brokerage, also from Merrill Lynch; Graham Cook, manager of the Chicago prime brokerage office, who previously had been with Goldman Sachs prime brokerage; and Bruce Giedra, head of tax and structured products for prime brokerage, who joined BofA from Lehman Brothers.