Banc of America Prime Brokergage Pioneer Stephan P. Vermut Resigns.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 11, 2003 Stephan Stephan is a male given name, a variant of Stephen. This page or section lists people with the given name Stephan. If an internal link for a specific person referred you to this page, you may wish to add the surname to that wikilink. P. Vermut, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Banc of America Prime Brokerage Prime Brokerage A special group of services that many brokerages give to special clients. The services provided under prime brokering are securities lending, leveraged trade executions, and cash management, among other things. , has resigned. During his eight-year tenure, Mr. Vermut founded and directed the expansion of one of the world's leading prime brokerages. Prime brokers traditionally supply hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , high net worth individuals and family offices with dedicated technology, portfolio financing and operational support. Started as Montgomery Prime Brokerage Services, a division of Montgomery Securities, the firm quickly emerged as a leading player due to its technological innovation and unmatched customer focus. Mr. Vermut has overseen significant growth in Banc in full court, or with full judicial authority; as, sittings in banc (distinguished from sittings at See also: Banc of America's Prime Brokerage business since its inception in 1995, which achieved 100% revenues and earnings growth in the first five years. Since 2000, while commission and interest rates have declined, revenues, earnings and client assets have remained at former peaks. Mr. Vermut was responsible for expanding the Banc of America Prime Brokerage client roster to 800 clients with $30 billion in assets. |
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