Bank of America’s Head of Prime Brokerage in Americas, Jonathan Yalmokas, is leaving the firm. Jonathan’s departure, which was originally reported by Reuters, was confirmed by a source with direct knowledge of it.
Yalmokas is said to be leaving to head an equity financing business at Royal Bank of Canada.
According to the source, the business overseen by Mr. Yalmokas will be handled by other senior prime brokerage executives until a replacement is named, which is expected in the near future.
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Yalmokas joined BAML as Head of Americas Prime Brokerage in 2011. He oversaw a unit that lends hedge funds money and securities, while also settling trades and holding securities in custody.
Prior to joining Bank of America, he was a managing director at UBS Group AG, where he was also providing investment services to hedge funds.
He joined BAML not long after his former boss at UBS, Stuart Hendel, left his Global Head of Prime Brokerage role there to take on the same position at BAML.
Bank of America sold its prime brokerage business to BNP Paribas in 2008 but then got back into the business after it acquired Merrill Lynch at the start of 2009.