Bradley Berggren, head of the structured products group for equity derivatives at Banc of America Securities in New York, resigned last week. Berggren, who joined the firm through the merger with NationsBanc Montgomery Securities, reported to Jonathan Sandelman, managing director and executive committee member. Sandelman said Berggren decided to quit because he wanted a lifestyle change. Berggren could not be reached for comment.
"Bradley was very well respected. He was part of Sandelman's team when they were both at NationsBanc. That whole team has helped to increase Banc of America's liquidity in equity derivatives," said one equity derivatives marketer at a rival firm. Market professionals estimated Berggren was earning more than USD1 million annually
Berggren decided to join a fund of funds in his home state of Connecticut and reduce his daily commute from three hours to about 15 minutes, Sandelman continued, declining to name the fund of funds. BofA is working on finalizing a replacement for Berggren, Sandelman continued. He declined to provide further details.
