UBS and Citi just made some big equity research hires

London headhunters say hiring is dying down for the summer, but equity research seems to be an exception. In equity research, big hires are still happening with surprising frequency.

UBS just hired Pinar Ergun from Bank of America Merrill Lynch as head of its European food and household and personal care (HPC) equity research team. Ergun joined as an executive director after three years at Merrill Lynch and two years at Sanford Bernstein.

Citi has been hiring too. Headhunters say the US bank recently recruited both Charles Armitage, a European aerospace and defence analyst, and Raghav Gupta-Chaudhary, an automotive research analyst. Armitage is understood to be joining from UBS, and Gupta-Chaudhary is understood to be joining from Nomura. Gupta-Chaudhary is already listed on Citi's directory, but Armitage's start date is unclear. Citi was unable to immediately confirm his arrival.

Banks in London are bolstering their equity research teams with senior hires before MiFID II is introduced in January 2018. Under the new regulations, banks will have to charge directly for their research and will benefit if it's produced by recognized research 'stars.'

Citi is building its equities business in Europe under new head Murray Roos. It's also recruited Rosie Barrett, a former equity sales trader from Nomura. In June, Bank of America Merrill Lynch hired David Hayes from Nomura to replace Ergun after she resigned.