Justin Fredericks is leaving his position as head of Bank of America Merrill Lynchs (BAML) U.S. Capital Introductions Group. A source says he is leaving to join a client.
Fredericks will be replaced by Elizabeth Hammond, who has been a senior member of the groups Capital Introductions team for the last three years. Prior to joining BAML, Hammond worked three years in capital introductions at Citi Prime Finance, and before that held marketing and investor-related positions at Seizert Capital Partners and Loomis Sayles & Co.
An internal memo seen by Global Custodian was sent by Michael Terry, global head of BAMLs Capital Strategy Group, to staff Monday announcing the staff change. Hammond will be based in New York and will report to Terry.
In her expanded role, Elizabeth will play a key role in maintaining the strong momentum of Bank of America Merrill Lynchs Prime Brokerage Division, Terry wrote in the memo. This includes deepening our relationships with existing hedge fund clients through customized capital solutions, expanding our U.S. prime brokerage business overall, and overseeing the U.S. Capital Strategy team.
BAML received numerous Best in Class ratings for its capital introductions services in Global Custodians 2012 Prime Brokerage Survey, which said, positive comments (very strong and professional capital introduction group) outnumber negative (a major concern of senior management).
(OS/CG)