AMIR Hoveyda, an esteemed debt capital markets (DCM) heavyweight at Bank of America Merrill Lynch has quit the bank after a management shake-up that has also resulted in the departure of his colleague Sid Prasad.
Hoveyda, who sat as head of the bank’s Europe, Middle East and Africa DCM division, left after 16 years with the bank along with Prasad after management announced a spate of senior changes to the bank’s global capital markets division.
Former international fixed income chief Paul Richards will step into Hoveyda’s role at the same time that Marc Templeman will take over Prasad’s role.
A spokesperson from Bank of America Merrill Lynch said that both Hoveyda and Prasad were offered alternative roles within the department but instead chose to leave.
The changes were confirmed in an internal announcement by co-heads Alastair Borthwick and Lisa Carnoy, who conducted a review of Merrill Lynch’s global capital markets division.
Borthwick and Carnoy were promoted into their roles last month as part of a wider changeover in the bank’s management.
City members close to Hoveyda and Prasad said they were both highly regarded amongst the DCM community.
However critics have said that Hoveyda no longer fits into the bank’s culture.
It is currently unclear where they will go but some sources suggest they could go to a start-up.