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Derivatives

BofA Grabs Hedge Fund CIO For Converts

Banc of America Securities has hired Rakesh Kadakia, chief investment officer at convertible arbitrage hedge fund Wolverine Asset Management, the hedge fund arm of Wolverine Trading, as a convertibles trader.

Banc of America Securities has hired Rakesh Kadakia, chief investment officer at convertible arbitrage hedge fund Wolverine Asset Management, the hedge fund arm of Wolverine Trading, as a convertibles trader. Kadakia, who declined comment, was responsible for a portfolio of around USD100 million, according to an official.

Chris Loughlin, investor relations manager at Wolverine in Chicago, said Chris Gust, founding partner at the fund, has taken over Kadakia's investment duties. Gust could not be reached by press time.

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