Bear appoints prime-brokerage chief

As chief executive of Bear Stearns Securities, Michael Minikes will helm the firm's global clearing and prime brokerage businesses.

The Bear Stearns Cos. Inc. has named Michael Minikes as the chief executive of its global clearing and prime brokerage businesses.
Mr. Minikes, who will become the chief executive of Bear Stearns Securities Corp. (BSSC), played a key role in establishing the company’s prime brokerage business in the early 1980s and in forming BSSC in 1991, the company said in a statement.
The position is a new one.
The New York-based financial services company also said that Robert Upton will take the title of company treasurer, replacing Mr. Minikes.
In addition to his duties as treasurer of the company, Mr. Upton will continue to manage the firm’s corporate treasury functions.
The prime brokerage business, which is responsible for generating revenue from relationships with hedge funds, helped contribute to the record $1.2 billion in record revenues for Global Clearing Services in 2007.