NEW YORK, July 23 (Reuters) - The head of Bank of America Merrill Lynch’s U.S. brokerage service that introduces hedge funds to potential investors is leaving the bank, according to an internal memo sent by the global head of the Capital Strategy Group.
Justin Fredericks, who joined Merrill Lynch 11 years ago, is leaving “to pursue other opportunities,” Michael Terry, who runs the capital introduction program globally, said in the memo. A copy of the memo was obtained by Reuters.
Fredericks did not immediately return a request for comment.
Elizabeth Hammond will replace Fredericks as head of the U.S. Capital Strategy team, which is part of Bank of America’s prime brokerage business, effective immediately. She will report to Terry.
Hammond joined Bank of America in 2009, after working as a senior member of the Capital Introductions group at Citi Prime Finance.
Fredericks is the latest high-level departure from the Global Banking and Markets division in recent months. In April, veteran dealmaker Michael Rubinoff left the firm, following other senior executives including Andrea Orcel and Jim Forbes, who moved to UBS AG. Jonathan Moulds, president of Europe and emerging markets, retired last month.
Bank of America sold its prime brokerage operation, which services hedge funds, to French bank BNP Paribas in June 2008, before re-entering the market when it acquired Merrill Lynch in September that year.