Bank of America Corp. (BAC) hired Fabrizio Gallo from hedge fund Brevan Howard Asset Management LLP to be co-head of global equities and European global markets.
He will join the bank later in the year and report to Tom Montag, president of global banking and markets, the lender said in a statement today. Gallo joined Brevan Howard in 2009 after 15 years at Morgan Stanley, where had served as head of equities and global proprietary trading, Bank of America said.
Gallo ran the $569 million Brevan Howard Equity Strategies Fund, part of the $33 billion total the hedge fund firm manages. The pool had been reducing its market risk this year amid unrest in the Middle East, Brevan Howard said in March. CNBC reported today the firm is shutting down the equities fund. A spokesman for Brevan Howard had no immediate comment today.
Bank of America has been hiring from UBS AG, Royal Bank of Scotland Group Plc, Goldman Sachs Group Inc. and Citigroup Inc. in Europe and Asia to expand its investment banking operations following its purchase of Merrill Lynch & Co.
The firm said this month it hired Goldman Sachs’s Ryan Holsheimer as head of Asia Pacific equity execution services in Hong Kong. Matthew Koder is also due to join Bank of America this summer as head of corporate and investment banking for the Asia-Pacific region after leaving UBS.
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