Job Wrap: Fund managers go on hiring spree, Horlick to leave Schroders
There were a multitude of moves in fund management last week. Most notable was the announcement that Richard Horlick, chief investment officer at Schroders, plans to step down. Horlick will leave the board in the coming weeks and leave the company later this year. He will be replaced by Alan Brown of State Street.
Baring Asset Management hired James Buckley from Premier Asset Management as a director and manager of the Baring European growth fund and Europa funds.
Insight Investment hired Steve Aukett from Schroders as senior product specialist in its financial solutions group. Aukett will join in the summer.
Threadneedle Asset Management hired David Rosier as a non-executive director. Rosier is currently chairman of Thurleigh Investment Management LLP.
Frank McGarahan was appointed chief operating officer and member of the executive committee of Barclays Private Clients. McGarahan joins from Barclays Capital where he was a managing director and member of the management committee.
Northern Trust hired Sarah Hurst from Bank of New York as vice president and senior relationship manager to its European multi-national client services team in its London asset servicing business.
Morley Fund Management promoted Peter Michaelis as head of socially responsible investment (SRI).
Watson Wyatt appointed Dr. Torsten Köpke to boost its business in continental Europe. Köpke joins from Feri Institutional Asset Management, where he established and led the firm's investment consulting team for six years.
Credit Suisse Asset Management hired David Ashton from F&C Asset Management as a UK fixed income manager.
Investit, the investment management consultancy, hired Ashley Payne from Deutsche Asset Management as a consultant.
Newsmith Capital Partners, the asset management and corporate finance boutique, hired Maurizio Tassi and Ercole Manzi for its Italian team. Tassi is a former managing director in charge of Italian capital markets at Citigroup, who left the bank in February. Manzi is a former director in credit derivatives structuring at UBS.
Peter Eerdmans, a senior fixed income consultant at Watson Wyatt, quit to work for Investec.
Goldman Sachs hired David Curtis, head of UK third party business at Merrill Lynch Investment Managers, to head its $10bn European sub-advisory arm.
Aberdeen Asset Managers promoted Devan Kaloo to be head of global emerging market equities, based in London. Kaloo was previously a senior portfolio manager at Aberdeen's Singapore office.
Bailey Coates, a London-based hedge fund, denied rumours that it had closed and made all its London staff redundant. It told Reuters its US staff had been given the chop, however.
Investment banking: Deutsche hires Parsons
Deutsche Bank hired Anthony Parsons from Citigroup as a managing director in its European mergers and acquisitions team. Parsons spent seven years at Citigroup, and was most recently a managing director in its European financial institutions M&A group covering the UK. Before joining Citigroup he spent five years at Deutsche.
Lehman Brothers added two bankers to its UK corporate broking business. Stuart Field joins from Credit Suisse First Boston; Ed Matthews joins from Citigroup.
Bridgewell hired two corporate financiers to cover the upstream oil and gas sector. Andrew Matharu and Schuyler Evans joined from PricewaterhouseCoopers.
Renaissance Capital, the Russian investment bank, made two senior hires to its capital markets group last week. Andrew Cornthwaite, former managing director and head of the equity corporate finance department at Credit Suisse First Boston in London, joined as managing director and head of the group. Anton Cherny, former vice president of capital markets and financing at Merrill Lynch in London, joined as director.
Separately, BNP Paribas hired Florence Sztuder from SG Corporate and Investment Banking as its head of equity syndicate, based in Paris.
There was finally some good news for equities analysts, as Standard & Poors said it was planning to hire up to a dozen analysts to its European equity research team to capitalize on demand for independent stock analysis. Less promisingly however, Alastair Barr and Hamish Dickson, joint heads of equity sales and research at ABN Amro, left the bank. Their departure follows various redundancies as Piero Overmars, the new head of investment banking, overhauls the bank.
Fixed income: SG hires for high yield
SG Corporate and Investment Banking added three to its London-based high yield debt team. Julien Raffelsbauer joins from Bank of to focus on developing SG CIB's European high yield research capability. Thibault de Kerizouet joins from BNP Paribas in a high yield capital markets role. Aru Sivananthan moved from SG's credit trading team to become head of high yield trading.
Private equity: PPM hires and promotes
PPM Capital, the private equity arm of insurance company Prudential, made four hires and several promotions. Ian Oxley Swan joined as an investment director from JP Morgan in London; Alex Stirling joined as an investment director from Apax. Rainer Schwartz joins as a Munich-based associate from Société Générale; Maelenn Natral joins as an investment manager in Paris from KBC Bank. James Barton, Sally Flanagan and Geraldine Kennell were promoted to directors.
Back office: More jobs, more pay
Finally, there was some good news for candidates in the back and middle office. A study by Morgan Mckinley, the back and middle office recruiter, found new jobs increased 24% in May. This was combined with a 9.9% fall in the number of candidates. Unsurprisingly, salaries are rising: average back and middle office salaries rose 4.7% during the past quarter to 48,281, said Morgan McKinley.
