Fund managers continued to lose senior staff last week: there were top level exits everywhere from Invesco Perpetual to Isis Asset Management.
Rob Hain quit Invesco Perpetual to 'make a fresh start somewhere else'. Hain had been the chief executive at the UK-based fund management firm for two years. He is replaced by Bob Yerbury who will hold the position in addition to his current role as chief investment officer.
James Foster resigned from Isis Asset Management. Foster was head of credit at Isis, which recently merged with F&C Asset Management. He said he was looking for a new challenge.
Meanwhile, it emerged that F&C Asset Management had shed 14 equities staff following the merger with Isis. The departures were prompted by a shift to pan-European desks: both Isis and F&C had separate UK and European equity teams.
Dipak Patel left Deutsche Asset Management (DeAM). Patel, who was director of consultant relationships at the fund, is the seventh departure in four months.
On the positive side, there were also a handful of fund management hires. Insight Investments nabbed two for its international equities team. Jeff Atherton joins from SG Asset Management as director of international equities. Julian Bishop joins from First State Investments as an equity research analyst.
Key Asset Management poached four members of a hedge fund team from Io Investors, a UK multi-manager. The hires include Chris Jones, managing director at Io, as well as Igor Puljic, Philippa Davies, and Toby Goodworth. Jones becomes chief investment officer, Puljic and Davies become investment managers and Goodworth becomes a risk manager.
Payden & Rygel, a large US institutional fund manager, said it was planning to hire five credit analysts in Europe during the next six to twelve months. The new staff will be based in London.
Nicola Ralston, former head of global investment at Schroders, is to become global head of investment consulting at Hewitt Associates. She will replace Nick Fitzpatrick, who said he would seek advisory work in the fund management industry.
Jin Khang, a retired proprietary trader at Kidder Peabody, launched a new London-based hedge fund, Opus Prime Capital. Khang retired in 1998 after a career at Kidder Peabody, Fuji Bank and Korea Exchange Bank.
With bonuses in sight, hiring at investment banks has slowed to a trickle. Nevertheless, Lehman Brothers is understood to have hired three bankers from Credit Suisse First Boston (CSFB) to boost its presence in UK investment banking. The new recruits are Johanna Campion, Adam Islef, and Antonin Baladi.
Meanwhile, Klaus Patig, the interim head of Commerzbank Securities, flew to the UK to promise staff the London office would not close. According to sources, Patig also dismissed wholesale job cuts. He assumed the position as interim head on October 1st following the departure of Mehmet Dalman, the previous global head of investment banking.