Hendel leaves Bank of America
18 March 2014 New York
Image: Shutterstock
Stuart Hendel will leave as head of prime brokerage at Bank of America in May, a source confirmed.
The source added that Robert Sachs, oft-described as Hendel’s right-hand man, has also decided to leave. Sachs is joining a start-up hedge fund. It is as yet unknown where Hendel is heading.
Hendel joined the company in June 2011, reporting to Tom Patrick and Mike Stewart, co-heads of global equities.
"Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years," said Mike Stewart at the time.
"Under Stu's leadership, we look to aggressively build on that success and establish the industry's leading prime brokerage platform."
It has been reported that Hendel was unhappy with the static nature of the prime brokerage business, but a spokesperson insisted that there was no change to the firm’s strategy or commitment to the business.
Hendel began his financial career at Morgan Stanley, where he held a number of leadership roles before moving to multi-strategy hedge fund Eton Park in 2004, where he was a founding partner.
In 2007, he returned to Morgan Stanley as global head of prime brokerage, and from 2009 to 2011, he was head of global prime services at UBS.
A spokesperson for Bank of America declined to comment on personnel matters.
The source added that Robert Sachs, oft-described as Hendel’s right-hand man, has also decided to leave. Sachs is joining a start-up hedge fund. It is as yet unknown where Hendel is heading.
Hendel joined the company in June 2011, reporting to Tom Patrick and Mike Stewart, co-heads of global equities.
"Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years," said Mike Stewart at the time.
"Under Stu's leadership, we look to aggressively build on that success and establish the industry's leading prime brokerage platform."
It has been reported that Hendel was unhappy with the static nature of the prime brokerage business, but a spokesperson insisted that there was no change to the firm’s strategy or commitment to the business.
Hendel began his financial career at Morgan Stanley, where he held a number of leadership roles before moving to multi-strategy hedge fund Eton Park in 2004, where he was a founding partner.
In 2007, he returned to Morgan Stanley as global head of prime brokerage, and from 2009 to 2011, he was head of global prime services at UBS.
A spokesperson for Bank of America declined to comment on personnel matters.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
