Stephan P. Vermut, President and CEO of Banc of America Prime Brokerage, has resigned after eight years in the job.
The business started as Montgomery Prime Brokerage Services, a division of Montgomery Securities, but has grown significantly since Banc of America created its Prime Brokerage business in 1995. Banc of America Prime Brokerage now has 800 clients with $30 billion in assets.