Redundancies reared their head in Europe last week. Meanwhile, there were high profile appointments at Rothschild and Apax Partners.
Collins Stewart Tullett, the UK broker and fund manager, began slashing jobs days after it completed the acquisition of rival, Prebon. Sources close to the firm said up to five of Prebon's senior staff had been suspended, and around 30 technology staff are to be made redundant.
Arbuthnot Securities, the boutique investment bank, is preparing to make 20% of its staff redundant next month. The group is embarking on a restructuring plan after reporting losses for the first half of the year. Mark Brown, chief executive, and Nick Redfern, head of sales, have already quit. Last year, Arbuthnot went against the grain, and hired an assortment of M&A bankers while most of its rivals were making redundancies.
Skandia, the Swedish financial services firm, axed 200 jobs in Sweden. 110 of the redundancies were in its customer service centre in Stockholm. Others came from combining departments.
Deutsche Asset Management axed three fund managers from its troubled equities desk. Steven Evans, Michael Crawford and Mark Hudson, will all leave the company ahead of an imminent reorganisation.
Sue Douse, global head of consultant investor relations at Schroders was made redundant just six months after joining from Watson Wyatt, the investment consultant. Schroders said it plans to manage investor relationships regionally instead.
Apax Partners, the private equity group specialising in the media sector, lured Greg Dyke, former director general of the BBC, as an advisor. Rothschild appointed Felix Rohatyn, former US ambassador to France and ex-Lazard partner as a non-executive director.
The extent of last month's shake up at Deutsche Bank was revealed in a series of internal memos. David Fass, former global head of debt capital markets, becomes head of global banking for Europe. Tony Burgess, former co-head of European M&A, becomes sole head of European M&A. Hope Pascucci, head of European debt capital markets, becomes head of global syndicate, European issuer and investor coverage. Don Johnston, former co-head of European M&A at Deutsche becomes chairman of M&A for Europe, with a focus on clients in Southern Europe.
Patrick Dunleavy, co-head of private equity funds at Citigroup, joined Lazard as a managing director in its private fund advisory group.
Sandy Black joined Insight Investments as head of equities. Black left Deutsche Asset Management, where he was European equities chief, less than two months ago. David Jacob, head of fixed income at UBS Global Asset Management, is to join Henderson Global Investors as head of bonds. Ian Buckley, chief investment officer at Henderson is to resign early next year.
Andrew Whitney, managing director of the technology division at UBS, joins Barclays Capital as head of IT for commodities, foreign exchange, emerging markets and money markets, with particular responsibility for developing new electronic trading platforms.