Bank of America has a new MD, courtesy of a private equity firm
It’s much more common to see a top bank managing director (MD) move to a private equity firm than vice versa, but it’s not unheard of. But at a time where carried interest is struggling, the latter might become even more common.
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Vincent Moissinac joined Bank of America in London this week as an MD in the firm’s fixed income, currencies, and commodities team. He joined the bank after a year-long break from the industry, and was last an MD in Apollo’s insurance solutions group international (ISGI), with an old job description noting that it “provides investment advice and solutions to EMEA based insurance companies and portfolio companies.”
Generally, once someone moves from a bank to a buy-side firm like Apollo, they don’t stray back. But private equity has had a pretty tough start to the year – Apollo stock is down 17% since 1 January, while BofA is up 4% in the same period. And that’s including a substantial gain since April – in January, Apollo’s stock was down 32% year-on-year.
Bank of America and Apollo declined to comment. Vincent Moissinac did not respond to a request for comment.
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