Kevin Dunleavy of Merrill Lynch will run that company's new hedge fund client initiative as well as a newly developed committee focusing on hedge funds, Reuters reports, citing a memo it obtained Friday.

Dunleavy, who has been one of the firm's best hedge fund sales executives over the past few years, will also stay in his position heading up Merrill's capital introduction department, which is dedicated to hooking would-be investors in with brokerage firms.

Brian Hull, head of Merrill’s Global Investor Group, said in the memo, "Hedge fund clients continue to grow in number and assets, and represent an important and profitable growth opportunity for our firm. He added, "In this role, Kevin will be responsible for hedge fund client segmentation and strategy across debt and equity products, for identifying new revenue opportunities, and for leading our capital introduction efforts."

The new committee, among other things, will deal with capital introduction and capital raising, the memo says.

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