On the right track
The prime brokerage unit of Bank of America Merrill Lynch has been fundamentally remodelled over the past 12 months. The changes are starting to pay dividends.
The reorganisation of Bank of America Merrill Lynch’s (BAML) trading and capital markets operations in 2009 has given its prime brokerage business a new lease of life. The unit has seen a sharp increase in asset balances and account openings since the final quarter of 2009, according to Steve Keller, the bank’s head of Americas financing sales.
BAML has opened “a record number” of prime brokerage accounts in the past three months, Keller says. “In percentage terms our balances in the traditional
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