Wall Street sees departure of senior cap intro faces

The global heads of capital introduction at some of the biggest prime brokers have left this year to pursue new ventures.

JP Morgan has been the latest bank to witness an exit from this role with the resignation of its global head of the capital advisory group.

Alessandra Tocco, who had led the bank’s global capital introduction and hedge fund advisory group for over 10 years, left this summer Global Custodian understands.

Tocco’s departure follows the loss of JP Morgan’s European head of capital introduction Melissa Carnathan in September last year. Carnathan recently joined London-based hedge fund Tages Capital as head of business development.

In recent months, a number of Wall Street’s top executives within the capital introduction business, which links hedge funds with institutional investors for new fund launches, have also left.

Citi’s global head of capital introduction, Martin Visaries, resigned this year and has recently joined Old Mutual Global Investors, according to reports.

Elsewhere, Deutsche Bank’s European head of capital introduction, Sasha Temple-Jones, left after serving over five years at the German bank, and Robert Leonard, Credit Suisse’s global head of capital introduction, recently retired after 15 years.

“The Street’s prime brokers continue to downsize and juniorise their cap intro teams, which is evidenced in some of the senior departures we’ve recently witnessed at some of the streets largest prime brokers,” says Tom Mahala, the former head of capital introduction at BNP Paribas who now runs an outsourced capital introduction business.

“Cap intro has a significant operating budget at their investment banks, so smaller teams with less experienced professionals allows them to reduce the size of their cap intro expense footprint. The victims of these moves are the hedge funds and institutional investors they serve.”

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