TheStreet – The Bank of America has hired Stuart Hendel as head of global prime brokerage — the area of the bank that provides loans and other services to hedge funds. The bank has also hired a new U.S. head of the unit.
Bank of America sold its prime brokerage business to BNP Paribas in 2008 but then got back into the business after it acquired Merrill Lynchat the start of 2009. Goldman Sachs and Morgan Stanley were the undisputed leaders of the business leading into the crisis, but since then have faced competition from other banks, including JPMorgan Chase, which strengthened its business after acquiring Bear Stearns in 2008, and Credit Suisse.
