Hedge Funds

Merrill taps Morgan Stanley prime brokerage exec

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Merrill Lynch has named Peter Donovan, formerly Morgan Stanley's head of sales for non-arbitrage hedge funds, co-head of global prime brokerage services.

Donovan will head Merrill's prime brokerage effort together with Howard Blechman, who had already been running the group. He is expected to start in early June. Both Donovan and Blechman will report directly to Paul Galietto, head of global equity financing and services.

Donovan is moving to Merrill on the heels of the firm's hire of Dave Barrett, the former head of Morgan Stanley's global capital introductions group. Barrett joined Merrill Lynch earlier this year to head