Bank of America’s head of global prime brokerage is leaving the firm at the end of May.
Dow Jones Business News reported that Stuart Hendel, who has held the position since 2011, will stay with BoA through a transition period. The article hinted that Hendel’s departure could be attributed to his disagreements with BoA global head of equities Fabrizio Gallo over the direction of the bank’s equities division.
Prior to BoA, Hendel worked at Swiss banking giant UBS in a similar role. Earlier in his career, he was the global prime brokerage chief at Morgan Stanley and was the chief operating officer at hedge fund firm Eton Park Capital Management.
Assets in BoA’s prime brokerage business more than doubled over the last two years to about $300 billion.