HONG KONG (Reuters) - The prime brokerage unit of Bank of America Merrill Lynch (BAC.N) has hired former Morgan Stanley (MS.N) executive Deepak Abraham as head of capital strategy in Asia Pacific, according to an internal memo seen by Reuters.
Bank of America’s spokesman Mark Tsang confirmed the contents of the memo.
Abraham, who will relocate from Dubai to Hong Kong, will help the bank’s hedge fund clients raise capital from investors, a role mainly known as capital introduction in the industry.
He will report to Graham Seaton, the head of the bank’s prime brokerage unit in Asia Pacific.
Prime brokers provide services such as clearing trades and lending money to hedge funds.
Abraham was most recently head of Middle East and North Africa prime brokerage at Morgan Stanley, according to the memo sent by Richard Boseley, head of Asia Pacific equities sales and global markets financing & futures, and Seaton.
Before that, he spent six years at Goldman Sachs in London, the memo added.
Reporting by Nishant Kumar; Editing by Mark Potter