Job Wrap: Plenty of hiring, a little firing
Several US financial services firms, including Banc of America Securities, were on the hunt for new staff last week. Deutsche Bank darkened the horizon, however, with the revelation that redundancies would be higher than expected.
Banking: Moors & Cabot moves to NY, Greenhill snares senator
Moors & Cabot, the Boston based investment bank, expanded its practice to New York City with the appointment of Richard J. Kelly, a managing director at Friedman Billings Ramsey & Co. Kelly joins as a senior vice president in investment banking.
Moors & Cabot also hired Shekhar Pramanick from Schwab Soundview Capital Markets. Pramanick joins as a senior vice president and senior analyst in Boston.
Greenhill & Co announced the appointment of John Danforth, the former US Senator from Missouri, to its board of directors. Danforth retired from the Senate in 1994 and was appointed U.S. Ambassador to the United Nations last year.
Banc of America Securities hired Robert Beehler as managing director and head of its global short-term fixed income business. Beehler joins from JP Morgan, where he was managing director and head of European short-term fixed income. He will be based in New York.
Merriman Curhan Ford & Co, the San Francisco-based investment bank, announced three senior hires. John Twomey, formerly of CSFB, joins as managing director and head of trading. Suzanne Skipper, formerly of Banc of America Securities, joins as managing director, equity capital markets. Phil Henningsen, of Schwab Capital Markets, joins as senior vice president, sales & trading.
Jefferies & Company hired James Perillo from Piper Jaffray in an effort to expand its mortgage-backed trading effort. Perillo, a 20-year industry veteran, joins the bond business as head of mortgage backed trading at the bank.
Calyon Americas, the corporate and investment bank of the Credit Agricole Group in New York, announced the appointment of Vincent Spencer as a director of the structuring team in loan syndication. Spencer joins from CIBC World Markets, where he was an executive director in the leveraged finance group.
Despite the hiring, there were clouds on the horizon. Josef Ackermann, Deutsche Bank's chief executive, said 2,700 jobs would go from Deutsche's corporate and investment bank and private client and asset management businesses. This number was 700 higher than anticipated.
Broking: Gabelli promotes, UCM hires
Gabelli & Company, the institutional broking subsidiary of Gabelli Asset Management, named Barry L. Lucas director of institutional sellside research. Lucas was previously senior vice president at the company.
United Capital Markets (UCM), the institutional bond broker/dealer and market maker, appointed Linda Hannan as its chief financial officer. Hannan joins from Amherst Securities Group in Austin Texas.
Fund Management: Susser resurfaces at GoldenTree
Andrew Susser, the former head of high yield research at Bank of America, was hired by GoldenTree Asset Management. Susser earned notoriety when he lost his job after issuing a research report with his head superimposed on that of a woman being swept off her feet. Susser will be a portfolio manager at GoldenTree, covering gaming and lodging, consumer products and supermarkets.
Michael Goldman, co-chief investment officer of Pioneer Alternative Investments, is stepping down. Together with Matthew Nurick, Goldman founded Momentum, a fund of hedge funds acquired by Pioneer in 2002. The process of integration is now complete. Nurick will leave the company immediately and Goldman will continue to provide guidance under a renewed three-year contract.
Colony Capital LLC, a $12 billion real estate investment fund, hired Wilson Magee and Jeff Moore as principals in its New York office. Magee joins from Goldman Sachs; Moore joins from UBS.
Oppenheimer Investment Management, the new institutional asset management subsidiary of Oppenheimer Holdings, hired Neal Wilkinson as managing director of institutional sales and a member of the executive committee. Wilkinson joins from Columbia Management Group.
Gabelli Asset Management hired Lawrence J. Haverty, Jr. as associate portfolio manager of the Gabelli Global Multimedia Trust. Haverty joins from State Street Research, where he was managing director for consumer discretionary research.