As bonus day approaches, banks' hiring slowed to a trickle last week. Fund managers continued to build staff, and there was bad news for staff at Deutsche Bank.
Merrill Lynch was one of the only banks to put its head above the parapet and hire externally. The US bank poached Paul Dackombe and Gary Francis, the co-heads of prime brokerage from Dresdner Kleinwort Wasserstein. Dackombe and Francis are to set up a fixed income prime brokerage unit at Merrill.
HSBC promoted John Lomax as global head of emerging markets equity strategy in London. Exane BNP Paribas moved Philippe Salanville, head of equities, to take control of proprietary trading and asset management. Nicolas Chanut takes over from Salanville.
Morley Fund Management hired two managers in London to cover US equities, as well as cutting two jobs in its European and UK equity research team. Penny Kyle joins from American Express Asset Management as head of US equities; Alex Ingam joins from Aberdeen Asset Management as US equities fund manager.
Jaap Maasen, director of pensions and a board member of Dutch ABP pension fund, is taking over from Alan Pickering as chairman of the European Federation for Retirement Provision. Pickering has chaired the Federation for the past three years; Maasen has been a member of its board since 2000.
Henderson Global Investors added two analysts to its property securities team. Adrian Elwood joins from Eurohypo as analyst responsible for UK company research. Sara Bellenda, who joined last year from Lehman Brothers, was appointed an analyst researching continental European companies.
Baring Asset Management hired Crispin Crickwell, who left Insight Investments as head of US equities in May. Crickwell joins Baring as a senior investor in the multi-asset team. He will be responsible for the Baring Global Growth Trust.
Meanwhile, in the same week that Deutsche Bank reported a 20% drop in profits from its investment banking division, there were reports of imminent job cuts at Deutsche Bank and Deutsche Assset Management (DeAM). Sources at the bank are understood to have told German newspaper Handelsblatt that 2000 jobs in banking and asset management may be cut.
Separately, Deutsche Asset Management lost another two senior executives, bringing the total number of departed senior staff to nine. Alistair Cuming, head of the UK business is leaving 'by mutual agreement'. Craig Brown, client director, is joining HSBC Asset Management as head of consultant relationships. It also emerged that institutional investors have pulled 11bn euros ($14bn) of funds from DeAM during the past three months.
Amelia Fawcett, vice chairman and head of European operations at Morgan Stanley in London, said the bank is looking for organic growth in its European operations and plans to hire several hundred new staff. Fawcett said growth would focus on structured derivatives and securitisation.
Finally, it emerged that four employees a week are quitting the Financial Services Authority (FSA) representing annual staff turnover of almost 10%. Many ex-employees head for higher paying jobs in the City of London.