Job wrap: Flurry of private banking hires, Lehman scores Tory from MS

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While all eyes last week were on the unexpected defection of Michael Tory, head of UK investment banking at Morgan Stanley, to the London office of Lehman Brothers, there were also exciting moves afoot in Switzerland.

Sal Oppenheim, a German private bank, lured 30 bankers from accountancy firm Ernst & Young in a bold bid to launch a business in Switzerland, the land of private banking. The German newcomer will own 51% of the new Swiss business with the remainder split between seven partners led by Ronald Sauser, managing director of the unit. Sauser and his fellow partners are former UBS bankers.

In another private banking move, Lombard Odier Darier Hentsch, the Swiss private bank, hired Stefan Bichsel, managing director of international operations at Robeco. In his new role, Bichsel will be responsible for dealing with financial intermediaries.

Investment banking: New start at Lehman

While the Tory party where celebrating the election of a new leader, Morgan Stanley had reason to bemoan the loss of another kind of Tory. As noted above, Lehman Brothers bagged Michael Tory, UK head of investment banking at Morgan Stanley. Tory is believed to be joining Lehman as a senior banker and member of the bank's European executive committee. Morgan Stanley said it was replacing him with Brian Magnus and Jeremy Heywood, who move up to become co-heads of UK investment banking.

James Sassoon, a former senior investment banker at UBS, resigned as managing director in charge of finance, regulation and industry at HM Treasury. The Treasury said Sassoon would take an unpaid, part-time role as UK Chancellor Gordon Brown's representative for promotion of the City.

Hedge funds and asset management: GSAM poaches Allen to head UK cash sales

Goldman Sachs Asset Management poached Mark Allen, a head of cash sales at Barclays Global Investors, to head up its cash sales operation for the UK and Ireland.

Goldman also relocated Pepijn Heins, previously in the quantitative strategies group in New York, to its London sales and marketing team.

GLG Partners, one of Europe's largest hedge fund firms with around $11.5bn under management, hired Mathieu Dubicq from rival fund Mellon HBV to work on event-driven situations.

California-based specialist fixed-income manager Pimco hired Joachim Suter from UBS Global Asset Management as head of institutional business development for Switzerland.

It emerged that Jeremy Lodwick, chief investment officer of Framlington, which was acquired by Axa Investment Managers in July, is leaving at the end of this month. Axa said individual companies didn't have their own CIO. Lodwick isn't thought to have a new position lined up.

Edinburgh-based fund manager Scottish Widows Investment Partnership hired Annabel Gillard from Baring Asset Management as a director of business development.

Paul Berriman, UK chief executive of Deutsche Asset Management, is understood to be leaving, despite staying to head the remaining divisions of the German fund manager after its UK business was sold to Aberdeen Asset Management in July.

In a less promising development, Legg Mason, the US investment group, is to shut the bulk of the European asset management operation it took on this year from Citigroup. The group has put aside $30m (€25.4bn) to deal with employee terminations following its acquisition of the funds business.

Operations and custody: India, here we come

JPMorgan Chase said it planned to have nearly one third of its investment banking support staff offshore by 2007, and that it hoped to hire 4,500 graduate trainees in India. Amidst concerns that this would lead to job losses, the company said the Indian hires would be in addition to, rather than instead of, existing back office staff.

BNP Paribas Securities Services hired Conny Raif from Citibank to head sales and relationship management for financial intermediaries in Germany.

Senior moves: Davis quits Barclays

Roger Davis, head of Barclays UK banking business, resigned unexpectedly, saying he was looking for new challenges. Davis denied he'd been involved in a boardroom bust up with the likes of Bob Diamond, chief executive of Barclays Capital, who was promoted to the main board earlier this year.

Sir John Bond, outgoing chairman of HSBC, is to become chairman of Vodafone Group, the world's largest mobile phone operator, in July next year. Bond announced his retirement from HSBC two weeks ago; he is currently a non-executive director of Vodafone.

Sales and trading: Cazenove hires from Refco

Cazenove hired a seven-person risk arbitrage team from Refco, the bankrupt US futures brokerage. A team led by Simon Parrott and comprising Tom Beckmann, Li Dunlop, Richard Hammond, David Hurley, Kristin Man and Giacomo Marilli will start work at UK broker Cazenove's London offices this week.

Cazenove also hired Michael Morris and Gillian Hilditch as equity analysts. Morris comes from Arbuthnot, where he was a director in support services research. Hilditch joins from Williams de Broë where she was a senior analyst on smaller companies, particularly in the retail and consumer industries.

BN Paribas hired Alvaro Ballesteros as a senior high yield trader. Ballesteros was formerly with WestLB where he had been a credit trader since 2001.

Debt: Lazell quits BNP

BNP Paribas' head of European high-grade corporate debt syndicate, Brian Lazell, resigned from the bank. A spokeswoman said he had left to pursue a "slightly different career".

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