Hedge Funds

Defections from BofA prime brokerage


A number of defections have struck Bank of America's West Coast prime brokerage group. The highest-ranking team member to announce his resignation was David Hughes, a senior member of the bank's cap-intro group. Several account executives from the group had also announced they would be leaving, according to insiders.

Hughes and other staffers revolted after checks for 2004 bonuses were lower than expected. As of March 2, Hughes was still working at BofA's San Francisco offices but coworkers confirmed that he and other team members were expected to soon exit the bank. In addition to Hughes, those heading for the