Banc of America Securities has reorganized its primary dealer operations. Kurt Harrison is now head of the global government and agency sales effort, as well as being co-head of the primary dealer with Brian Edmonds who is handling the U.S. Treasury trading effort. Previously, Harrison, who was recruited from Lehman Brothers to run trading, had run all of government/agency trading and sales. He says the move was made because the time involved in building the primary dealer's sales effort required him to be off the trading desk too often to effectively monitor firm positions and daily client contacts. Frank Keane runs U.S. agency trading. Harrison says he will seek to hire an additional five or six Treasury and agency sales specialists over the coming year to augment the eight that already report to him.
Harrison also wants to hire a Treasury/agency strategist within the year, reporting to David Goldman, the firm's head of global markets research.