FX prime brokerage is emerging as a driver of prime broker hiring this year. But longer term, headhunters say banks will be interested in prime brokers who can operate across product areas.
This week, Deutsche Bank hired Deborah Thompson from JPMorgan as its European head of foreign exchangeprime brokerage. Her appointment comes after Citigroup hired Andrew Coyne, Deutsche's former head of FX prime brokerage in January.
Jason Shell, the US-based head of prime broker solutions at Deutsche, told eFinancialCareers the bank is looking to expand the reliability and breadth of its FX prime broker product. Deutsche is already investing heavily in technology, says Shell, and may follow Thompson's appointment with additional European hires: "It's likely we'll add more people, but right now we're spending a bunch on technology to make the service more flexible and dynamic, with a view to eventually offering a cross-product prime broking service."
Joe Astill, a consultant at search firm Sheffield Haworth, says consolidation in the hedge fund industry means that in future there will be greater demand for prime broker salespeople who can work across product areas. "Hedge fund management companies are increasingly operating funds across four or five different strategies," Astill says. "They are going to want to deal with one prime broker companies across their range of funds."
In the meantime, Shell says Deutsche may be interested in hearing from technologists and capital raising specialists for its expanded FX business.