Bank of America (NYSE:BAC) is working hard at toadying to the hedge fund business. They have appointed Elizabeth Hammond as the head of its capital introduction team in the United States. The business, which is part of Bank of America’s prime brokerage unit, specializes in connecting hedge funds with prospective investors like pension funds and endowments.
Of course Bank of America hopes to generate transaction fees from all the frenetic buying and selling that hedge funds supposedly do.
Now if I was a pension fund, endowment or had some huge money with Bank of America I would be very nervous about this relationship. Whose interest is Bank of America really looking after.
Anyway in the mean time lots of lunches and dinners for Elizabeth Hammond.
George Gutowski writes from a caveat emptor perspective.
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