Merrill loses head of prime broking

Joe Cavatoni has resigned from Merrill Lynch as head of prime brokerage for Asia-Pacific. Circumstances behind his departure are unclear, and it is unknown whether he will remain in the region. There are no indications so far of Cavatoni's taking up a position with another firm in Asia. Sources say that Merrill has not yet decided on a replacement for Cavatoni although the firm is interviewing on a global basis. The head office of Merrill Lynch's prime brokerage operation in London …