Michele Foresti, who left Bank of America Corp. in December after failing to get regulatory approval for his role, was hired by hedge-fund firm Brevan Howard Asset Management, a person with knowledge of the move said.
Foresti, 46, spent six months in limbo at Bank of America last year as his previous employer, Deutsche Bank AG, withheld clearance from a U.K. regulator, people with knowledge of the situation said in December. He was hired by Charlotte, North Carolina-based Bank of America to be its head of European fixed-income trading.
Banks often have higher hurdles for hiring executives than hedge funds, as the U.K. Financial Conduct Authority must approve employees who have “significant influence” over regulated activities like trading. Foresti, who hasn’t been accused by the regulator of wrongdoing, was among those scrutinized by Deutsche Bank over a 2008 deal with an Italian bank, people briefed on the matter said in November.
Anthony Payne, a spokesman for Brevan Howard, declined to comment on the hire. Foresti didn’t immediately respond to a telephone call.
Brevan Howard is run by billionaire Alan Howard, 51, a co-founder and senior trader for its flagship master fund. That fund, with $21.7 billion in assets, mostly trades global interest rates and currencies, according to a person with knowledge of the firm. Foresti was head of rates and European credit-flow trading at Frankfurt-based Deutsche Bank, where he worked for 18 years.