European jobs' roundup: a tale of debt and departures
Debt hiring and departures stole the show in Europe's job market last week. Various banks boosted their debt teams, while the exodus of senior staff continued at Commerzbank and Deutsche Asset Management.
High yield and securitisation were at the forefront of debt hiring. UBS poached Ronan Clark from JP Morgan to be a director and head of European high-yield credit research. Clark filled a long-lasting vacancy: his predecessor at UBS, Rich Phelan, left the bank a year ago.
Calyon hired Tim Hall, former head of non-investment grade debt at ING to create a global high yield and emerging bond platform. Hall will be responsible for setting up a fixed income business in the emerging market and sub-investment grade developed markets.
BNP Paribas recruited both Michael Johnson as co-head of leveraged finance UK and Youssef Khlat as head of its high-yield capital markets business in Europe. Johnson joins from Commerzbank; Khlat joins from Deutsche Bank.
HSBC hired four bankers for its European securitisation team: James Whetman joins from CIBC World Markets as an associate director; Leonor Pinto joins as a manager in the southern European execution and origination group from Banco Finantia in Portugal; Herve Nedellec joins from ABN Amro as a manager on the structured bond team, as does Marion Thomas from the Royal Bank of Scotland. Hitesh Gupta is also relocating from the bank's New York office as an associate in London.
ING hired Richard Preece from West LB for its debt syndication team. Preece will be responsible for sovereign, corporate and financial sector issuers in Latin America, Eastern Europe, the Middle East and Africa.
Meanwhile, Mehmet Dalman, head of investment banking at Commerzbank quit to set up a hedge fund. Dalman adds to a succession of departures at the German bank, which last week also lost Mark Eban, its global head of capital markets. Other departures at Commerzbank in the past six months include the global head of equity trading, head of equity sales, and former head of research.
The steady trickle of departures at Deutsche Asset Management also continued, with Johanna Kyrklund, head of asset allocation, joining Insight Investments. She becomes the sixth department head to quite DeAM in the last three months.
CDC Ixis Asset Management in Paris lost two investment heads after reorganising its teams following its acquisition by Caisse d'Epargne in July. Roland Calvo, chief investment officer, and Laurent Imbert, head of European equities, both resigned.
Patrick Ryan, chief executive of Aon, the insurance giant and owner of Aon Consulting, pension advisory arm, announced plans to depart.
There were job losses at Cazenove Asset Management. The fund management arm of the UK stockbroker which is in joint venture discussions with JP Morgan Chase, cut 12 staff, a fifth of its total, after closing its global opportunities fund and pulling out of treasury management.
In other banking job moves, Stephen Howard, former head of global financial institutions at Dresdner Kleinwort Wasserstein emerged at Keefe Bruyette & Woods as head of European investment banking. Keefe Bruyette & Woods hired 17 people from Fox-Pitt, Kelton in April. Its London office began trading last month.
Goldman Sachs promoted Rob Gheewaller, a managing director in the principal investments division in New York, to head of European mezzanine finance.
HSBC made four senior hires in research. Two will be based in London. Colin Gibson joins as head of global engineering conglomerates research. Stuart Harris joins as global head of healthcare research. Gibson joins from his own Swedish research firm. Harris joins from UBS.
