Zach Barratt, a high-yield debt trader at Bank of America Corp., left the bank to join Apollo Global Management LLC’s credit business, according to two people with knowledge of the move.
Barratt, a managing director who worked five years at the bank, departed in the past week, according to one of the people, who asked not to be identified because it wasn’t publicly announced. The 31-year-old will be working in Apollo’s opportunistic credit hedge fund, both people said.
Investment firms are luring away traders from Wall Street banks as regulatory restrictions force lenders to curtail their securities businesses. Apollo has singled out its credit unit as the firm’s primary vehicle for growth, expanding assets in the group to $108 billion, founder and Chief Executive Officer Leon Black said in December.
Zia Ahmed a spokesman for Bank of America and Charles Zehren, a spokesman for Apollo at Rubenstein Associates Inc., declined to comment.
Barratt had previously worked with Goldman Sachs Group Inc. and Morgan Stanley before joining Bank of America in 2010, according to Financial Industry Regulatory Authority records.