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January 17, 2018  

Muir Quits as US Head of BNP Prime Broker

BNP Paribas is parting ways with its U.S. prime-brokerage chief.

J.P. Muir, who joined BNP in 2008, is leaving at the end of this month to help run a home-based eldercare business in Greenwich, Conn. Muir, who works in the bank’s New York office, reports to Jeffrey Lowe, head of overall prime services in the U.S.

Muir’s main areas of responsibility include sales and trading of derivatives for hedge fund clients in the U.S. — one of BNP’s specialties. His duties are being absorbed by other executives within the bank’s prime-brokerage division.

Lowe will assume direct oversight of synthetic prime-brokerage, while Kevin Darling, who runs sales on the East Coast, will become national sales head. Bob Luzzo, who manages relationships with clients in Chicago, is moving to New York to oversee client relations across the U.S.

Muir’s departure coincides with a move by BNP to dismantle its capital-introduction group and begin outsourcing those functions to Layton Road Group. The New York firm recently hired Tom Mahala, former head of cap intro at BNP, to oversee the effort.

Muir joined BNP when the Paris bank acquired part of Bank of America’s prime-brokerage business at the height of the financial crisis. In addition to BofA, Muir’s prior employers include Merlin Securities, Deutsche Bank and Donaldson, Lufkin & Jenrette.

BNP ranks 12th in a prime-brokerage league table maintained by Hedge Fund Alert, just behind Wells Fargo and Barclays, but ahead of BNY Mellon, Jefferies and French rival Societe Generale. The ranking is based on disclosures by fund managers reporting to the SEC.