BNP Paribas SA has hired former Bank of America Corp executive Chris Innes to head equity sales for the Americas in New York, a person familiar with the matter said.

Innes will oversee sales for the Americas for stocks, equity derivatives, prime brokerage and convertibles, the source said. His position was previously held by Aaron Ford, who resigned last week. Innes starts next week.

Innes is being reunited with the prime brokerage group that he used to oversee when he worked at Bank of America, where he also headed equity derivatives sales and trading.

BNP Paribas bought Bank of America's equity prime brokerage business in 2008 and is using it to help boost its equity effort. Innes left Bank of America in 2006 after nine years at the bank.

Financial regulatory reform in the United States may hurt domestic dealers and give an advantage to foreign competitors in some businesses.

A hedge fund executive familiar with Innes said he is good at building businesses and will be an asset for BNP Paribas.

Megan Stinson, a spokeswoman for BNP Paribas, declined to comment.

(Reporting by Dan Wilchins; editing by Andre Grenon)

BNP Paribas