Investment banking divisions saw the most exciting job moves in the European market last week. That's saying something: areas like currencies and commodities were not exactly quiet.
Investment banking: Berger quits DrKW
Steven Berger, global head of corporate finance at Dresdner Kleinwort Wasserstein (DrKW) resigned following apparent frustration over the refusal of Allianz, the bank's owner, to clarify its strategic plan for the bank.
Merrill Lynch poached two senior bankers from Credit Suisse First Boston (CSFB). Carlo Calabria, co-chairman of M&A in Europe and chairman of CSFB Italy, is joining Merrill as head of European M&A and vice chairman of investment banking. Jean Tardy-Joubert, head of CSFB's tech, media and telecoms group in London, is joining Merrill Lynch as head of its European technology group.
CSFB in turn boosted its financial institutions group (FIG). The American-Swiss bank appointed Phil Ryan as new global chairman and co-head of its European FIG. Ryan didn't have far to move: he joined from Credit Suisse Group, CSFB's parent company, where he was chief financial officer. Separately, Charles Murphy joined from Deutsche Bank as co-head of the FIG group.
UBS hired Pierpaolo DiStefano from Merrill Lynch for its European mergers and acquisitions (M&A) business. He will focus on deals in southern Europe.
Barclays Capital hired two bankers from Morgan Stanley to run its Dutch, French and Belgian investment banking operations. Jean Jacques de Balasy joins to head investment banking in France and Belgium after a six-year career at Morgan Stanley, where he was most recently co-head of French investment banking. Paul Bijleveld also joins from Morgan Stanley as head of investment banking for the Netherlands.
Bill Harrison, senior partner at advisory boutique Compass Partners, is leaving to become chairman and first new member of a new corporate finance advisory board at ING, the Dutch bank. Harrison was previously chief executive of Barclays de Zoete Wedd.
FX and commodities: JP Morgan hires four; Deutsche loses three
JP Morgan hired four people to its London currencies and commodities division. Gavin O'Loughnane joined from Deutsche Bank as a spot trader responsible for the trading of the US dollar, euro and Swiss franc. Nick Wootten joined from Bank of America as a spot trader for the U.S. dollar and Japanese yen. Antonio Montes joined from Banesto in Madrid as a senior proprietary trader focusing on interest rates and currencies. Stephane Bataille joined the currency solutions from BNP Paribas.
Deutsche has lost three traders from its London commodities desk. Alex Thistlethwayte, director of oil trading left last week. This followed the departure earlier this month of Hector Freitas for Morgan Stanley and Kieran Freitas for a hedge fund.
Equities: Merrill hires, Deutsche promotes
Merrill Lynch hired Craig Coben from Deutsche Bank as a senior managing director for equity capital markets for Europe, the Middle East and Asia.
Deutsche Bank promoted Ivor Dunbar as head of global markets in Europe outside Germany. Dunbar succeeds Colin Grassie, who becomes chief executive of Deutsche Bank in Asia.
Structured products: JP Morgan combines derivatives marketing
JP Morgan revealed plans to combine the marketing of credit and interest rate corporate derivatives with equity corporate derivatives. The combined division will be led by Antonio Polverino, who was head of credit and rates corporate derivatives marketing for Europe, Middle East and Africa. Salvatore Di Stasi, former head of equities corporate derivatives marketing, is leaving.
Fund management: Brown quits State Street
Alan Brown, chief investment officer at State Street Global Advisors, resigned and went on gardening leave. It was not clear what his next move will be, nor who will be replacing him.
AXA Investment Managers, hired Andrew Wilmont from Pareto Partners as a credit portfolio manager. Wilmont will take responsibility for a number of portfolios, with a particular focus on high yield.
Coronation Fund Managers, a London-based fund-of-hedge-funds manager, hired Mans Claeson from Alcifor Alternative Advisors. Claeson joins as a partner to Matrix Investment Services AB, Coronation's representative in the Nordic market.
JO Hambro Capital Management hired Tony Hicks from Scottish Life as sales manager.
Morley Fund Management appointed Patricia O'Loughlin from Invesco Asset Management as head of pension funds.
Mark Phelps, former co-head of global equities at Dresdner RCM, resurfaced at fund management group WP Stewart. He joins as director of global investments with a view to expanding the European client base.
Separately, UK private equity firm Englefield Capital hired Wayne Woo, a banker from Morgan Stanley, to manage a new fund focused on the UK's wind-energy sector
Operations: HSBC opts for Asia
HSBC revealed plans to almost double its back office workforce in Asia to 25,000. The bank said it plans to increase the number of UK jobs sent to India from 2,500 to 4,500 by the end of next year.