Bank of America (BAC) Poaches UBS (UBS) Prime Brokerage Head

Bank of America Corp (NYSE:BAC) announced it has landed rival Swiss bank UBS AG (NYSE:UBS) head of prime brokerage, Stuart Hendel, to head up their prime brokerage unit.

The giant bank said Hendel will officially start at the company in June in New York, and will report to co-heads of global equities, Tom Patrick and Mike Stewart.

Two other UBS prime brokerage executives who had worked for Hendel, Jonathan Yalmokas and Charlotte Burkeman, reportedly also also quit UBS on Monday.

According to industry surveys, Bank of America has been growing its prime brokerage business over the last year faster than the majority of its competitors.

BofA has targeted dominant players in the market, Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS), which have been leaders in the sector for a number of years.

Bank of America closed Monday at $14.03, down $0.09, or 0.64 percent.