Bank of America Corp. hired Robert Sachs from UBS AG to run a global team that helps hedge funds raise money from pension plans and other investors.
Sachs will join as global head of capital introductions and strategy, reporting to Jon Yalmokas, head of the U.S. prime brokerage, Stu Hendel, global head of the financing products, said in a memo to employees obtained by Bloomberg News. He will be based in New York and start in coming months, Hendel wrote.
John Yiannacopoulos, a spokesman for the Charlotte, North Carolina-based bank, confirmed the contents of the document and declined to comment further.
Sachs was global head of capital introductions for the last four years at UBS and previously worked at New York-based investment firm Constellar Capital Management, where he was a founding member. Before that, he worked at Olympia Capital Management and Credit Suisse Group AG, according to the memo.