Don Steinbrugge, head of institutional sales at Merrill Lynch Asset Management in the US, announced he is leaving the company after six years to join a hedge fund.
Steinbrugge will be replaced by Jamie Kase, currently head of Merrill’s institutional distribution team. He will report to US institutional business head Frank Salerno.
Steinbrugge will join Andor Capital Management as a principle and head of marketing when the company is launched by Pequot hedge fund on September 30 this year. He will report to Pequot’s managing director Jolyne Caruso.
Steinbrugge’s move follows Merrill’s decision to close its Los Angeles asset management business, which will result in 40 job losses.
By Janet Du Chenne
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point