The former US head of prime brokerage for Bank of America Merrill Lynch (BAML) who was set to join Royal Bank of Canada (RBC), Jon Yalmokas, has instead opted to join Cantor Fitzgerald.
Yalmokas will lead the New York-based global prime brokerage division for Cantor Fitzgerald, as it looks to bolster its presence in servicing hedge funds.
The hire is a central part of Cantor’s strategy following the appointment of former co-CEO of Deutsche Bank, Anshu Jain, as president of the firm earlier this year.
“Jon will cultivate relationships with leading hedge funds and leverage Cantor's strong platform of products and services to take our Prime Brokerage business to the next level,” said Jain.
Yalmokas was previously head of Americas prime brokerage for BAML. In June he was hired by RBC to reportedly lead its equity financing business from September, but according to Business Insider, that move fell through in August.
He is the latest in a string of hirings this year, including the appointment of Greg Dabal, the former head of North American client services for prime brokerage at Credit Suisse, and Dave Rodgers, a former Americas head of equity prime finance operations at Deutsche Bank.
Cantor Fitzgerald performed particularly well in Global Custodians 2017 prime brokerage survey, outperforming its US rivals in several categories including Client Service, Operations, Securities Lending, Reporting and Value.