Bank of America Merrill Lynch has hired Stuart Hendel, head of global prime services at UBS, to the position of managing director and head of global prime brokerage.
In his new role, Hendel will oversee the global expansion of the firm’s prime brokerage business. Hendel is scheduled to join Bank of America’s New York office in June.
Hendel will report to global equities co-heads Tom Patrick and Mike Stewart. The firm’s global futures and derivatives clearing services group will report to Hendel and Denis Manelski, who also serves as head of global short rates trading.
Hendel has served as head of global prime services at UBS since 2009. Prior to that, he served as global head of prime brokerage at Morgan Stanley and founding partner at hedge fund Eton Park Capital Management.
“Financing and prime brokerage services are an integral part of our client offering, and we have made substantial progress adding clients and balances in the last several years,” Bank of America’s Stewart said in a statement. “Under [Hendel’s] leadership, we look to aggressively build on that success and establish the industry’s leading prime brokerage platform.”