It's not just junior investment bankers who are departing major players to join boutique advisory firms. Hannam & Partners, the boutique set up by former J.P. Morgan rainmaker Ian Hannam, has been hiring.
Joachim Godet, a former director at HSBC who has spent the past two years in Saudi Arabia as head of structuring at Saudi Aremco, has just joined as a senior advisor in M&A and capital markets.
Saudi Aremco is the state-owned oil company in Saudi Arabia. Godet was in charge of M&A deals and also helped set up state investment firm Saudi Arabian Industrial Investments Company (SAIIC). Godet's background is typical of Hannam & Co hires - Ian Hannam was known as the "King of Mining" during his time at J.P. Morgan, so the firm has a focus on natural resources deals.
Hannam & Partners recently filed accounts for the year to March 2016 on Companies House. It made a profit of £2.4m in 2016, compared to around £570k for the previous year. In spite of this, employee numbers fell from 35 in 2015 to 29 in 2016. The Financial Conduct Authority register suggests this number has been heading slowly up since March - it now has 39 regulated employees.
Average pay for the 29 employees in 2016 was £104.1k, the report suggests. However, £2.4m was paid out to Hannam & Partners' three members.
Ian Hannam was a mining deal-making guru at J.P. Morgan until he quit his job in 2012 to tackle charges of insider dealing. He settled with the FCA by paying a £450k fine in 2014. He bought Strand Partners in 2012, and rebranded it later as Hannam & Partners.
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