WEST PALM BEACH, FL (HEDGECO.NET) – Another Merrill Lynch manager has left the firm to begin a new career with a hedge fund company. Marcel Kasumovich, head of G-10 foreign exchange strategy atMerrill Lynch & Co. in New York, has submitted his resignation letter. He said, �I have decided to leave Merrill Lynch for an opportunity to join a hedge fund.�
Kasumovich, was a former economist at the Bank of Canada, he joined Merrill in New York in September 2002. He also worked for Goldman, Sachs & Co., the third-biggest U.S. securities firm.
Kasumovich�s departure is a temporary set back for Merrill�s G10 foreign exchange initiatives, but such departure is not expected to cause any problems to Merrill. According to knowledgeable sources, Merrill has many other skilled and experienced foreign exchange specialists to fill such a vacuum. Merrill spokesman said, �Foreign exchange continues to be a significant growth opportunity.� The investment banker has hired Morgan Stanley’s Stephen Kemp, 41, to replace Michael deSa as head of foreign exchange.
Merrill has also hired three foreign exchange options traders from J.P. Morgan Chase & Co. to its London office on April 23, according to published reports. It is unclear what hedge fund has hired the services of Kasumovich; such information was not immediately available.
Over the years many traditional investment managers have moved over to the hedge fund arena. Merrill has lost many of its managers to the hedge fund sector, which offers greater compensation potential to hedge fund managers through performance pay.
Paul Oranika
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