JP Morgan had a bad week in equity derivatives, losing one member of its London equity derivatives team to Lehman Brothers and five to Goldman Sachs.
Lehman poached Christian Spieler of JP Morgan to be head of fixed income and equity sales. Goldman Sachs poached Salvatore Di Stasi, JP Morgan head of corporate equity derivatives marketing, as head of its European equity derivatives business. Min Hee-Kim, joins as a managing director. Francesca Lanza, Gianluca Gera and Stephen Pearce-Higgins join as executive directors.
FX and fixed income: DrKW hires
Dresdner Kleinwort Wasserstein (DrKW) was also in hiring mode. The German bank recruited five bankers to its London foreign exchange team and one in Germany. Duncan Rule will join from Lehman Brothers next month as global head of the FX rates business. Scott Cousins and Martin Drake join as senior FX traders from Barclays Capital and Bank of America. Richard Fawcett joins from Deutsche Bank as a senior FX options trader. Graham Wintersgill joins from Barclays Capital as a senior hedge fund salesman. Sven Rabandula joins from Helaba (Landesbank Hessen-Thüringen) in Germany as head of central bank sales in Frankfurt.
There was some good news for fixed income professionals looking for a new home. BNP Paribas is planning to add 130 people to its global fixed income team. The hiring plans were presented to global fixed income staff at the bank by Jacques d'Estais, global head of the business. He said he wanted to see the team number rise by about 10% from 1,300.
Cairn Capital, the specialist asset manager, hired Stephan Michel from Barclays Capital to head its credit research team.
Lehman boosted its German fixed income derivatives business with Christian Spieler, a capital markets banker at JP Morgan. Spieler is expected to join Lehman in June as head of fixed income and equity sales.
Corporate finance and equity capital markets: Citigroup cuts
The future looks less bright for members of Citigroup's corporate finance team. The bank sent a memo to its corporate and investment banking staff announcing plans to shed one fifth of structured corporate finance staff.
Other banks were busy hiring and restructuring. Deutsche Bank restructured its financial institutions group (FIG) team following the recent departure of Charles Murphy for Credit Suisse First Boston. The group has been integrated with bankers from the corporate finance, relationship management, debt and credit markets, corporate coverage, and equity capital markets teams. It will be headed by Jorge Calderon, previously global head of debt capital markets and corporate coverage. Calderon's role has been assumed by Hope Pascucci.
Merrill Lynch hired Tom Wells from Citigroup to run its European telecoms investment banking business.
JP Morgan hired Gary Weiss as a managing director in its European M&A group. Weiss joins from Merrill Lynch, where he was head of European technology investment banking.
Grail Partners, a new investment bank specialising in the investment management business, hired Susan A. Douse as a partner and head of its new London office. Douse said she plans to hire two or three people in the near future.
HSBC hired Alex Caramella from UBS for its equity capital markets team. Caramella will cover the financial institutions group sector and Southern Europe.
Commerzbank in turn recruited Willi Ufer from HSBC Trinkhaus & Burkhardt as head of its markets unit within corporates and markets.
Fund management: Tucker replaces Bloomer
Mark Tucker, finance director at HBOS, joined Prudential, the British insurer, as chief executive. Tucker replaces previous chief executive Jonathan Bloomer, who angered investors when Prudential failed to sell its majority share in Egg Plc, the online bank.
Morley Fund Management hired Stewart Robertson and James Kenney to its strategy and economics team. Robertson, former head of UK service at Lombard Street Research, joins as senior economist for the UK and Europe. Kenney, formerly of Mercer Investment Consulting, joins as a derivatives analyst.
Stephen Peacher, head of high yield at Columbia Investments, left to become head of taxable fixed income at Columbia Management, the mutual fund owned by Bank of America. Anton Simon, managing director and senior portfolio manager was appointed head of European high yield.
LaSalle Investment Management, the UK property fund manager, poached Charles Maudsley from AXA Real Estate Investment Managers to be managing director of its UK property business. Maudsley was head of UK real estate fund management at AXA.
Credit Suisse Asset Management hired Mark Tickle from JP Morgan Fleming as chief financial officer for the UK, France, eastern Europe and Spain.
State Street Global Advisors lost two senior executives in less than a week. UK managing director Nigel Wightman resigned. This move followed the departure of Alan Brown, the company's chief investment officer.
Ivy Asset Management Corp. a US-based fund-of-funds firm owned by Bank of New York, added to its London presence by hiring Patrick Thomson to lead its European client effort. Thomson joins from JP Morgan Asset Management.
Research and strategy: Goldman poaches Baz
Goldman Sachs raided Deutsche Bank for Jamil Baz. Baz, newly appointed chief investment strategist and head of global markets strategy at Deutsche, joins the US bank as a managing director and proprietary trader.
Bridgewell Securities, a research-based institutional stockbroker, hired Kevin Ashton from Deutsche Bank for its research team covering software and IT services. Ashton was the fourth ranked software and IT analyst in the Thomson Extel survey for 2004.