Investment and institutional securities firm Jefferies & Co. lured six executives away from Bank of America’s prime brokerage unit, including the unit’s CEO, Glen Dailey.
Dailey will head the Jefferies & Co.’s prime brokerage unit
Bank of America Vice President Melissa Fox said the bankers who left the prime brokerage unit included John Kunze, the unit’s head of technology; Christopher Bianchi, a senior operations manager; Evan Gevarter, managing director and head of relationship management; Michael Hill, senior relationship manager; and Penn-Miller-Jones, managing director and senior salesman.
“We expect these departures to have very little impact on our business,” Fox assured Reuters. “We have a deep bench.”
The six reported to Chris Pesce, the global head of prime brokerage at Bank of America.
“We see a vast opportunity to meet the needs of small and mid-sized hedge funds who are currently being underserved by Wall Street,” said Richard B. Handler, chairman and CEO of Jefferies. “With his substantial experience and extensive relationships, Glen Dailey is the perfect person to help Jefferies build a prime brokerage franchise, just as he first did at Furman Selz, then Montgomery Securities and Banc of America.”