Hedge Funds

Former BofA prime brokerage chief launching new platform


Steve Vermut, founder and former chief executive of Bank of America's prime brokerage operation, has begun unveiling the details of a new prime brokerage boutique to be launched on January 1.

Merlin Securities, based in New York and San Francisco, will provide traditional prime brokerage products through clearing agent Bear Stearns. But the centerpiece of the firm's product line - and the feature it believes will complement what is available from established prime brokers - is a reporting system that will provide exceptionally fast, detailed and accurate daily performance attribution.

The flagship product, called SHARP, will aggregate all