Hedge Funds

Meswani to lead Banc of America's outsource prop trading program


Mihir Meswani, who joined Banc of America Securities earlier this year from JP Morgan Asset Management, will now head up the bank's outsource trading program, which allocates firm capital to outside hedge fund managers. Meswani was a principal in the group and will be replacing David Bechtel, who is leaving to pursue other interests. Meswani will report to Chris Innes, who is global head of equity derivatives and finance.

Innes says the bank's outsource trading program allocates money to hedge fund managers in managed accounts, which means the bank has transparency on the hedge fund managers' underlying securities,