Wells Fargo has officially added Eamon McCooey, a 14 year veteran of Deutsche Bank and head of its Americas prime brokerage, as the leader of its nascent prime services effort.
The Charlotte-based bank entered the prime brokerage business in April 2012 through its purchase of Merlin Securities (rebranded as Wells Fargo Prime Services in December). Deutsche held the fifth-largest market share among prime brokers of Americas-based hedge funds in the most recent Absolute Return rankings, while Wells Fargo was unranked.
Absolute Return first reported yesterday that Wells Fargo was eyeing McCooey for the top prime brokerage role.
McCooey, who will be based in New York and start in September, will report to Dan Thomas, head of the client trade services team, a newly formed division formed to combine the bank's "businesses that offer clearing, trade execution, technology and operational solutions to corporate and institutional clients," according to statement.
"Eamon's extensive knowledge of the prime brokerage industry combined with his proven ability to lead and grow a business makes him an ideal fit for our organization," Thomas said in the statement.
In January, Wells Fargo's Prime Services division lost three senior executives to Prosper Marketplace, a Sequoia Capital-backed peer-to-peer financing platform.
Steve Vermut, now Prosper's chief executive officer, was co-head of Wells Fargo Prime Services and a founder of Merlin Securities. His son, Aaron Vermut, now president of Prosper, helped run the division and was also a Merlin founder. And Ron Suber, Prosper’s new head of global institutional sales, had been managing director at Wells Fargo Securities and head of global sales at Merlin Securities.
Following their departure, the division was managed by Tim Mullins and Walter Dohare as part of their oversight of the firm's Markets Division. Mullins and Dohare remain in those roles, with Thomas as a direct report.
Deutsche Bank spokeswoman Amanda Williams declined to comment. McCooey had been at the German bank since 2000, reporting to Scott Carter and Satish Ramakrishna, co-heads of Americas prime services. Previously, he was an executive director at CIBC World Markets, according to his LinkedIn profile. He graduated from Iona College.