Funds News

MOVES-Ex-Evercore activism defense banker moves to Bank of America -sources

NEW YORK, Aug 2 (Reuters) - Bank of America Corp has hired former Evercore Inc banker Amy Lissauer to work on defending companies against activist investors, three sources said on Friday.

In her new role, Lissauer will continue working to defend against activists, said the sources, who asked not to be identified because Lissauer’s appointment has not yet been announced.

In her four years at Evercore, Lissauer was a managing director and worked alongside Bill Anderson, one of the industry’s most prominent defense bankers.

Her new title could not be learned.

Like rivals Morgan Stanley, Lazard Ltd and Goldman Sachs Group Inc, Bank of America concentrates on defending companies from investors, often prominent hedge funds, that are calling for improved performance or asking for strategic reviews and board seats.

Activism defense has developed into a must-have business for most Wall Street banks even though the work can be time consuming and not especially lucrative.

A number of banks have recently increased their activism defense activities, including Greenhill & Co Inc and Moelis & Co. (Reporting by Svea Herbst-Bayliss and additional reporting by Jessica DiNapoli; Editing by Tom Brown)