Deutsche bank began laying off hundreds of bankers last week as part of a redundancy programme which may hit as many as 6,000 staff. Redundancies were initially expected to hit the back office first, but the bank cut staff in its London corporate finance and advisory business.
JJ Traynor, the fourth ranked analyst in the equity oil and gas sector in last year's Thomson Extel survey, quit Deutsche Bank after the firm closed its Edinburgh office. The closure is expected to affect around 15 people, most of them analysts covering equity and debt research.
Dalman dips into Commerzbank
Mehmet Dalman, former head of Commerzbank Securities, tapped his previous employer for two analysts. John Marsland and Gordon Morrison joined WMG, the wealth management group founded by Dalman, to set up a family of quantitative strategy funds.
Separately, Florentin Bosse, former global head of fixed income IT and front office systems at Commerzbank, joined Swapstream, the electronic trading platform for medium and long term interest rate swaps, as chief technology officer.
The equity derivatives sector showed continuing signs of life. Christophe Mianné, global head of equity derivatives at SG Corporate and Investment bank, revealed plans to add another 80 equity derivatives specialists to its 1,850 strong equity derivatives group this year. SG hired around 100 people to its equity derivatives group in 2004.
Nomura, which hired 24 equity derivatives staff last year, poached Frederic de la Borderie, an associate director in convertibles origination at Barclays Capital. Barclays had no immediate comment on his replacement.
BNP Paribas reorganized its global fixed income and foreign exchange business by splitting the division into trading and marketing. The move marks the end of an existing structure in which activities are divided into three asset classes: interest rates, foreign exchange and credit. Senior management is being reshuffled as a result. David Ovenden, current head of credit, is stepping down and taking a 12-month sabbatical. Frédéric Janbon, head of sales, will become global head of the trading division, and David Brunner is relocating from London to New York to become co-head of global marketing.
Osman Semerci replaces Harry Lengsfield as head of the European, Middle East and Africa global rates team at Merrill Lynch. Semerci is relocating from Tokyo, where he was head of Pacific Rim debt markets.
SG has reshuffled its European co-heads of equity capital markets. Philippe Peirs, a director of Northern Europe and UK ECM origination and Alex Burtt, head of equity syndicate in London, become new co-heads of North European equity capital markets. They replace John Raubenheimer, who is expected to move to a new position in Paris.
Fund management: arrivals at Standard; departures at Deutsche and Cazenove
Mark Connolly, head of European institutional distribution at Deutsche Asset Management, quit just five months after being hired. Connolly joined DeAM from Insight in August. Paul Manduca, European chief executive of DeAm, who hired Connolly, is set to leave the firm in the near future. Both men are leaving following the decision to run the fund on a global product-by-product basis instead of along regional lines.
Michael Gonnard, head of bonds at Cazenove Asset Management, left the firm by mutual consent. Gonnard specializes in global bonds and Cazenove has decided to concentrate on the sterling and European fixed income market.
Standard Asset Management added an assistant portfolio manager and several analysts. Kieran Curtis joins as an assistant portfolio manager from Invesco Asset Management. David Masse transfers from Standard's investment banking arm to become an emerging markets analyst. Stephen Gough joins from HSBC as a high yield analyst. Simon Mathews comes on board as a high yield analyst from CSFB while Chris Merryman from Morley Fund Management joins as associate dealer.
The Frankfurt arm of Fidelity Investments poached Bianca Salzer, a consultant at Deutsche Asset Management, as its first director of consultant relations in Germany. Klaus Mössle, Fidelity's German institutional business director, said the hire was part of the creation of a broader institutional team in Germany
Key Asset Management, the $1.1 billion fund of hedge funds firm, hired David Watts, former joint chief executive of Gartmore, as a non-executive director. Watts, who retired from the UK fund management firm in 1999, was one of the principal exponents of its move into hedge funds.
Steve Reuben, head of the $3 billion proprietary trading desk at Swiss Re, the insurance group, left to set up his own hedge fund business. Swiss Re declined to comment.
Lehman woos hedge funds
Lehman Brothers launched a European corporate finance team aimed at building relationships with continental European asset managers, and hedge funds in particular. The team will be led by Pascale Alvanitakis-Guély, a former managing director in financial institutions M&A.