Prime Brokerage Firms Hiring
Here is a short article excerpt on how banks have once again begin to expand their prime brokerage operations. I personally have not heard of any hiring sprees by prime brokerage departments or mini primes over the last two months, but I do know that with a wealth of experienced prime brokerage professionals in NYC without bonuses or sometimes employment that sevearl prime brokers are being opportunistic and bringing the best professionals they can find in house. Here is the article excerpt:
During the bleakest days of last October–November, few banks were touting their prime brokerage operations. Hedge fund liquidity dried up, banks lost appetite to lend to these institutions, and prime brokerages were backed into a corner. However, this business is making a comeback and banks are starting to rehire, as Hugh Chow reports.
A hiring drive by Barclays Capital and Bank of America Merrill Lynch is highlighting the ambitions of smaller players in the opaque world of Asian prime brokerage, an industry that seemed to be on the ropes after the collapse of Lehman Brothers late last year.
Barcap is looking for a head of prime services Asia-Pacific, after advanced negotiations with ex-UBS banker, Matt Pecot, fell through at the 11th hour last week. The firm's prime services division includes a prime brokerage – the business of lending and providing other trading-related services to hedge funds.
Meanwhile an internal announcement on May 18 by BoA Merrill heralded the appointment of former Tremont Capital Management and Morgan Stanley man James Fallon as a director on the Asia-Pacific financing sales team. Fallon's job will be to drive the business of lending to hedge fund clients in this region. source
This article was first published on Prime Brokerage Guide.com.
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Link to This Resource: Prime Brokers Hiring More Staffhttp://richard-wilson.blogspot.com/2009/05/prime-brokers-hiring-more-staff.html