Copper Nabs BAML Team for Prime Services
Posted by Colin Lambert. Last updated: April 12, 2022
Digital assets infrastructure provider Copper.co has raided Bank of America Merrill Lynch (BAML) and hired five for its nascent prime services business.
The firm has hired Michael Roberts, Adam Groom, Paul Barham, Ben Carr and Ross Budgen, who join with immediate effect, with Roberts leading the team, bringing, it says, the best part of two decades’ experience to his new role. At BAML Roberts was a managing director and EMEA head of the bank’s prime platform.
Roberts will be joined by former BAML directors Groom and Barham, who most recently led relationship management and product development, respectively, for BAML’s prime platform in EMEA. Supporting this senior team are Carr and Budgen, who add expertise in product development, account management and analytics. Together, they have more than 45 years’ experience in prime services.
Reporting to Boris Bohrer-Bilowitzki, chief revenue officer at Copper, the five will work with Copper’s existing team to accelerate the expansion of prime infrastructure, the firm says, adding custody, collateral management and hedging services, as more prime brokers join the Copper ecosystem and its proprietary ClearLoop network, launched in 2020.
By removing the need to transfer digital assets onto an exchange before being able to trade, ClearLoop minimises counterparty risks and reduces withdrawal time, Copper says.
The new joiners continue the expansion of Copper’s team, following just a month after it unveiled former Citi executive Sabrina Wilson as chief operating officer and Carly Nuzbach-Lowery as chief legal officer.
“Since the inception of Copper, we have been committed to exceeding market expectations of the gold standard in crypto-asset custody and trading,” says Bohrer-Bilowitzki. “Part of that commitment means securing top-tier talent to ensure we remain at the forefront. I have no doubt that Mike, Adam, Paul, Ben and Ross will fit seamlessly into the team as we push the boundaries of possibility within the Copper ecosystem and continue to develop infrastructure to empower prime brokers with the infrastructure they need. I look forward to working with each of them tremendously.”
Roberts adds, “I have watched Copper from afar for some years now and been continuously impressed at the speed and quality of the solutions they bring to market. Boris and the team understand the technology institutional investors want and need to pursue crypto strategies. I thoroughly look forward to being on board and combining our collective experience as Copper embarks upon its next phase of growth.”