Bernheim, Dreyfus & Co has appointed Bank of America Merrill Lynch (BAML) as its second prime broker.
The Parisian hedge fund manager, which manages $200 million in assets and makes money by M&A betting, will from now on split its activities between BAML and existing broker Newedge.
"One thing that was very important was that it's one of the biggest-capitalised banks," said Bernheim, Dreyfus partner Amit Shabi. "The capital introduction team at BAML is very, very serious ... They seem to have a very, very close relationship with hedge fund investors."
Several redundancies were reported in September 2011 at BAML’s prime brokerage division as part of an overall review. However, a source familiar with the situation said at the time that the shake up was not targeted at its prime brokerage division.
BAML also made a number of strategic hires at the prime brokerage division last year, including Stu Hendel as the global head, Peter Klein as global head of FX prime brokerage and Charlotte Burkeman as co-head of EMEA brokerage, among others.
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