Investment bank Jefferies has poached a six-person team from Banc of America Securities to grow its prime brokerage operation.
The group will be led by Glen Dailey as head of prime brokerage services. At Banc of America Securities he was a managing director and the chief operating officer of prime brokerage services. He co-founded the prime brokerage business at Montgomery Securities prior to its acquisition by Bank of America.
Dailey has taken five senior colleagues with him to Jefferies, including John Kunze, managing director and head of technology, Evan Gevarter, Michael Hill, Penn Miller-Jones, and Christopher Bianchi.
Richard Handler, Jefferies chairman and CEO says the unit will seek to build a franchise among small and mid-size hedge funds "who are currently being underserved by Wall Street".
Dailey replaces David Connover, who headed both prime brokerage and correspondent clearing, and will now focus exclusively on the clearing operation.
The new group will be based in Jefferies' New York headquarters office.