As investment banks showed signs of battening down the hiring hatches for the fourth quarter, asset management and private equity companies succumbed to a wave of hiring.
Investment banking: DrKW Adds Three
Banks' recruiters weren't entirely recumbent: German firms, Deutsche Bank and Dresdner Kleinwort Wasserstein (DrKW), revealed signs of activity.
Dresdner Kleinwort Wasserstein expanded its US corporate finance and origination group with three managing director hires in New York. Randolph Guggenheimer joined from The Nassau Group as a managing director and head of healthcare for the Americas. James Moore joined from ABN Amro as a managing director and head of the financial institutions group for the Americas. Kaukab Chaudhry joined from XRoads Solutions, a US consultancy, as a managing director in the media group.
Deutsche Bank Securities hired Craig Ramsey, a director at real estate investment firm the Praedium Group. Ramsey joined as a director in its real estate, gaming and lodging investment banking group.
Petsky Prunier, an investment bank providing M&A advice to sellers and buyers of marketing, advertising and information companies, hired Jim Toohey from CC3, a provider of integrated direct marketing services, as vice president.
Capital Markets: Hiring for Research
Banc of America Securities (BoAS) and Citigroup announced additions to research teams last week. BoAS hired Paula Dominick, a Goldman Sachs veteran, as managing director and global head of debt research, based in New York. Dominick spent 18 years at Goldman Sachs, most recently serving as head of global credit research and market strategy.
Citigroup hired Brad Ball from Credit Suisse First Boston as an analyst for its equity research unit, covering specialty and mortgage finance.
Ixis Capital Markets, a US subsidiary of IXIS Corporate & Investment Bank, owned by French bank Groupe Caisse d'Epargne, hired Daniel Glusker of Wachovia Securities as a director of its marketing team.
Senior moves: Wolfensohn to Citigroup
Citigroup hired James Wolfensohn, former chairman of the World Bank Group, as an adviser to senior management on global strategy and international affairs. He will become chairman of the bank's international advisory board next year.
Asset Management: Wave of Hiring
While bank hires were patchy, there was a wave of hires in the asset management sector.
Blackstone Alternative Asset Management hired Edwin Conway, an executive director at Arden Asset Management, to lead its U.S marketing and distribution efforts.
Gartmore Group appointed Eileen Kennedy as executive vice president and global chief financial officer. Kennedy was previously senior vice president and CFO of Nationwide Financial Services, the financial services arm of Nationwide(R), Gartmore's majority owner.
BlackRock appointed Dennis D. Dammerman, vice chairman of the board and executive officer of General Electric Company, to its board of directors.
Pioneer Investment Management hired Peter Noll, an independent technology consultant and chief information officer of MFS Investment Management, as senior vice president and chief technology officer. It also promoted Tony Koenig, its former corporate controller, as CFO.
Turner Investment Partners, an investment management firm with $17bn (€14.2bn) in assets under management, appointed David Honold from Keefe, Bruyette & Woods as a security analyst and portfolio manager for its growth equity investing team.
John A Levin, an investment management firm and subsidiary of BKF Capital, promoted Stephen Eckenberger, a senior director responsible for marketing hedge funds, to senior vice president of institutional sales and client service.
New York-based investment manager MD Sass hired Eswar Menon from Loomis Sayles, Nicholas Applegate and Koeneman Capital Management, as head of the firm's new investment management company. Menon joined the more concisely named Denahi Global Investments.
Cumberland Advisors, a New Jersey Asset Management company, hired William Witherell, a former director at the Organization for Economic Cooperation and Development, as its chief global economist.
There were also two retirements. It emerged that Paul Kaplan, star portfolio manager in charge of two flagship funds with a combined $62bn(€52bn) for Vanguard, the $885bn asset management firm, is set to retire in 2006 after over a decade in charge.
And Robert Stansky is retiring as manager of Fidelity Magellan, the flagship fund of the Boston-based asset management firm whose performance has recently slipped. Stansky will be be replaced by Fidelity veteran Harry Lange.
Private equity: Inundation
The wave of asset management hires extended to the private equity sector, which was equally adrift in a sea of new recruits.
The Blackstone Group hired Edwin Conway from Arden Asset Management as a managing director for its alternative asset management arm. Conway will be based in New York.
Arc Investment Partners, an alternative investment house, hired Richard Gammill from DynaFund Ventures as managing director of transaction execution.
Quadrangle Group, a New York-based alternative investment firm, hired Gordon Holmes from private equity firm Forstmann Little, which is winding down its portfolio following a high-profile lawsuit by the State of Connecticut. Holmes joined as a managing principal in the private equity team of Quadrangle Capital Partners, a unit that invests in media and telecommunications companies.
Permira, the European buy-out firm, also hired from Forstmann Little. Tom Lister joined as partner and head of Permira's New York office.
The Sterling Group, a Houston-based private equity firm, hired Francis Carr from Arena Capital Partners as a senior associate.
Austin Ventures, a venture capital group focusing on emerging companies in the technology and service industries, hired former Nokia executive Kari-Pekka Wilska as a venture partner.
Vestar Capital Partners, a US buy-out firm with about $4bn (€3.3bn) under management, appointed Jeffrey Long of McKinsey & Co. as a managing director in the Vestar Resources Group.