While Deutsche Bank announced deeper than expected job cuts last week, there was a rash of recruiting in the City with some new firms setting up shop.
Josef Ackermann, Deutsche Bank chief executive, said 2,700 jobs would go from the bank's corporate and investment bank and private client and asset management businesses. This was 700 higher than initially forecast.
Ackermann also indicated that Deutsche Asset Management in the UK is 'under review,' and could be sold. Deutsche's global asset management unit suffered a €20 billion outflow in investor funds during the fourth quarter of 2004. Most of the outflows are thought to have been in the UK.
Cenkos recruits, Houlihan Lokey arrives in London
Paul Hodges and Jimmy Durkin, former Collins Stewart executives, were recruited by Cenkos Securities, the new firm set up by veteran British stockbroker Andy Stewart.
Houlihan Lokey Howard & Zukin, the US investment bank, appointed a senior managing director as chairman of its UK business as it prepares to grow its operations in London and expand across Europe. David Preiser, who joined the group's financial restructuring arm over a decade ago, will oversee the expansion.
Mehmet Dalman, former chief executive of Commerzbank, is trying to hire Brian Kelly, Commerzbank's former global head of convertibles for WMG, his wealth management boutique. A banking source said Kelly was in advanced talks with Dalman.
Investment Banking: DrKW hires for base metals
Dresdner Kleinwort Wasserstein hired three staff for its newly formed base metals team. Chris Blee, Mathew Forgham and Tom Parkin will join in March after leaving Koch Supply & Trading, the energy risk management arm of Koch Industries.
HSBC made Mark Ramsey temporary head of trading while Peter Lewis, existing head, takes time out for personal reasons. Ramsey is head of planning and strategy for global markets.
BNP Paribas appointed Nicola D'Anselmo as co-head of UK leveraged finance alongside Mike Johnson. D'Anselmo is relocating from Milan. He will remain head of leveraged finance for Italy.
UBS made George Granville, managing director, and head of European equity sales to UK clients, redundant.
Citigroup said it has placed traders involved in last August's controversial euro bond trade on absence. The multi-billion euro trade is being investigated by the Financial Services Authority and BaFin, its German equivalent.
Private equity: Permira promotes partners
Permira, one of Europe's largest pan-European buyout houses, created three partners and made one new hire. The new partners are Carlos Mallo in the Madrid office, Cheryl Potter in London, and Sonja Mikic in Frankfurt. Rory Cullinan, former head of equity finance at the Royal Bank of Scotland, joined the London team.
Texas Pacific Group hired Vincenzo Morelli as partner in charge of operations for its European portfolio. Morelli joins from Alvarez & Marsal, the restructuring firm, where he was a partner in charge of operations for the European portfolio. He will be based in London.
Fund management: Cairn, Axa, Hiscox hire
Cairn Capital, the fund management and advisory firm, hired Duncan Needham from JP Morgan. A former credit trader at JP Morgan, Needham joins Cairn as a risk manager in London. He will oversee risks in the firm's investment-grade collateralized debt obligations.
Axa Real Estate Investment Managers hired Arnaud Prudhomme from the European Bank of Reconstruction and Development (EBRD). Prudhomme, who will be based in London, will become global chief operating officer and global financial officer.
JP Morgan Fleming said James Elliott, head of its European retail fund business, has left the group. Elliott's destination is uncertain, although there is speculation he may join a hedge fund.
John Manse, former executive chairman of Robert Fleming Holdings prior to its acquisition by JP Morgan five years ago, was appointed non-executive chairman of Hiscox Investment Management, the asset management subsidiary of Hiscox, the UK insurer.
PC Hansen, a London advisory boutique focused on the leisure industry, hired Fraser Anderson, a Deutsche M&A banker who dealt with some of the largest M&A deals of the past few years. Anderson spent five years at Deutsche, most recently as a VP advising on the pub and retail sectors.
MacArthur & Co, a London corporate finance boutique, hired Piers Hartland-Swann, a former banker from UBS and Bear Stearns, as a partner. Hartland-Swann hasn't worked in banking since 2003, when he left Bear.