Paul Simpson has been appointed as head of Bank of America Merrill Lynch’s Asset Management Services group, which includes prime brokerage and the Stock Loans businesses.
The new role follows the departure of Stuart Hendel as head of global prime brokerage in May.
Simpson was previously head of Global Transaction Services (GTS). In this role, he was responsible for Global Custody and Agency Services and the Global Treasury Solutions business, which includes payments, liquidity and investments, receivables, trade and supply chain finance.
Global Custody and Agency Services (GCAS), which formerly reported into GTS, will now report into Simpson in his new role. GCAS, however, will continue to remain an important component of the GTS sales efforts, says BAML.
Prior to joining Bank of America Merrill Lynch in May 2011, Simpson was with Citigroup as global head of Treasury & Trade Solutions in the Global Transaction Services group. He joined Citi in 2007 as head of Global Public Sector & Healthcare Markets. Previously, Simpson was with JP Morgan Chase in roles with increasing responsibility within Treasury Services, Public Sector and Healthcare.
Simpson will report to Fabrizio Gallo, head of Global Equities and EMEA Global Markets and David Sobotka, head of Global FICC Trading, in his new role.
Paul Donofrio, head of Global Corporate Credit & Transaction Banking, to whom GTS, Global Leasing and Global Loan Products report, has been appointed to head the GTS business directly.
Paul Donofrio will continue to oversee Global Leasing and Global Loan Products.
Paul Simpson Named Head of Asset Management Services at BAML
The new role follows the departure of Stuart Hendel as head of global prime brokerage in May.