Merrill Lynch has promoted Jeff Penney to head its global prime brokerage business. In that role Penney will serve as head of global equity financing and services. He will also continue in his role as head of Americas equity derivatives sales and structured marketing.
Penney replaces Paul Galietto, who has taken a new position as head of the firm's institutional advisory division. Penney joined Merrill Lynch from Morgan Stanley last year.
Merrill's prime brokerage group is populated with a number of Morgan Stanley alums. David Barrett, who heads Merrill's capital raising platform, joined the firm in 2004 after 18