US jobs roundup: Deutsche hires from CSFB, Citigroup restructures investment banking
Deutsche Bank hired nine technology investment bankers from CSFB in a high-profile raid in the past week.
The defections from CSFB mark the break-up of the prominent tech team put together by Frank Quattrone, who resigned last year to face a federal investigation. They also come after low bonus pay-outs for some CSFB staff.
Deutsche's hires include four managing directors - Tor Braham, Emmanuel DeSousa, Richard Hart and Brian Host. A fifth, John Metz, was also due to join Deutsche but CSFB won a game of tug-of-war to lure him back, despite Deutsche's offer of a $3m two-year contract.
Other moves included Foster Smith, co-founder of the alternative investment group Saxum Capital, joining the commodities division of Deutsche as head of US natural gas trading, based in New York.
In an internal move at Deutsche, Joseph LaVorgna, a senior economist, was promoted to chief US fixed income economist in New York. He will be responsible for macroeconomic analysis of the US fixed income markets.
Michael Paasche, head of leveraged loan portfolio management at Deutsche, took a newly created position as head of loan products for the global corporate finance division. Paasche will jointly manage the senior debt capital markets and asset-based lending groups with Richard Byrne, head of capital markets.
Citigroup restructured its global corporate and investment banking group (GCIB) last week to create two new business groups, capital markets and banking.
Tom Maheras will be the head of capital markets, responsible for the sales and trading and capital markets business. Maheras still reports to Robert Druskin, president and chief executive of GCIB. Maheras will oversee James Forese, head of equities, Ward Marsh, head of municipal securities, and two new co-heads of fixed income, Geoff Coley and Randy Barker.
Michael Klein will head the new banking group and report to Druskin. The banking group includes Citigroup's global relationship bank, headed by Alan MacDonald and the emerging markets corporate banking, headed by Suneel Bakhshi. Both groups will report to Klein.
Dresdner Kleinwort Wasserstein terminated the contract of Robert Pruzan, global head of corporate finance and co-head of North America. His colleague Craig Schiffer was promoted to chief executive of North America.
Purzan's responsibilities as co-head included overseeing the North American corporate finance and advisory business. Ken Tuckman, a managing director, will act as interim head of corporate finance and advisory for North America.
It is understood that the reorganisation at DrKW was launched by Steven Berger, executive chairman of corporate finance. Berger is looking to hire six managing directors and up to 20 vice-presidents.
Banc of America Securities bought the US technology company Direct Access Financial Corporation and hired Rob Flatley, chief operating officer at MacGregor, a Boston-based trade order management systems company, as managing director.
Flatley will market the new electronic services and products to the bank's institutional US clients.
A team of Morgan Stanley staff have set up an independent private equity firm. Howard Hoffen, a managing director at Morgan Stanley Capital Partners, will head the new endeavour. It will manage the Morgan Stanley Capital Partners Funds of $3.5bn.
David Sidwell, chief financial officer of JP Morgan Chase's investment bank, will join Morgan Stanley as its new chief financial officer. Sidwell will report to Stephan Crawford who has become chief administrative officer at Morgan Stanley.
SG Corporate and Investment Banking expanded its US asset securitisation group by hiring a three-man team from Canadian Imperial Bank of Commerce. Dan Pietrzak joins as a director of the credit structures group while Marcus Edmonds and Neil Dalal come in as associates.
Ann Givens, global head of working capital for the automotive industry at ABN Amro, joined Wachovia's treasury services division as senior vice president and international business line manager.
Harris Nesbitt, the US investment and corporate banking arm of BMO financial group, appointed Louis Nardi as a managing director in its New York-based high yield research group. Nardi joins from Fieldstone Capital where he focused on the energy, chemicals, utilities, and special situations.
Mike Daley, a futures salesman, has left UBS Warburg to join the RBS Greenwich futures group in Chicago. RBS said Daley would help redirect the sales office towards electronic trading, away from the trading floor.
Janus Capital hired Todd Perkins, equity research analyst at Perkins, Wolf, McDonnell and Company, as co-portfolio manager of the Janus Small Cap Value Fund. Eric Thorderson, portfolio manager of the Janus Government Money Market Fund, was named co-portfolio manager of the Janus Money Market Fund and the Janus Institutional Cash Reserves Fund.
David Feinman, a managing director of high yield credit arbitrage proprietary trading at Societe Generale, joined Havens Advisors' event-driven merger arbitrage distressed hedge fund as a portfolio manager.
Simon Loren, an ex-Securities and Exchange Commission general counsel, has taken a new position with the investment firm Millennium Partners as vice chairman and chief legal officer.
In more compliance news, Katherine Feld moves from Oppenheimer Funds to join Fred Alger Management as senior vice president, chief compliance officer and counsel.
