Douglas Engmann, who oversaw the prime brokerage business ABN Amro sold to UBS for $250m (€210m) last year, has rejoined his brother to become co-chief executive of PreferredTrade, a hedge funds services firm.

Engmann had been chief executive officer of ABN Amro Clearing and Execution Services since 2001. The business included prime brokerage, as well as securities execution and clearing, and the bank's Sage broker-dealer clearing operations, consisting of 1,200 employees in 14 offices worldwide.