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. Vermut was responsible for the expansion of Banc of America’s prime brokerage client roster, joining the effort from Montgomery Securities, which was acquired by Banc of America. Before that Mr. Vermut was involved in prime brokerage at ING Furman Selz for 12 years as managing director.
Vermut left BofA earlier this year, resigning in February after eight years of leading the Banc of America prime brokerage (see ). At Merlin, Mr. Vermut is marketing two hedge fund offerings: MerlinSHARP and MerlinPRIME.