MARKET MOVES – FIRST QUARTER 2012
With the latter half of 2011 having been a challenge for the majority of financial institutions the first quarter of 2012 did not see much activity in terms of
recruitment. Redundancies by key players and headcount freezes have been common themes. Bonus conversations have dominated or lack thereof in some
cases. As predicted most have been down between 25 – 50% and within many groups there have been a number of zero bonuses. Whether this was due to
under performance or simply not enough money in the pot, people are now faced with the issue of leaving or sitting tight. Raised base salaries has
compensated for the loss of bonus in some cases. However due to lack of available opportunities elsewhere this does create a problem for those institutions
that had hoped to cut overheads through natural attrition. This could lead to another round of redundancies later in the year and as it becomes apparent that
bankers who had their pay reduced have nowhere else to go, the more banks will cut pay.
By now most bonus conversations will have been had and with the continual paralysis of the market slowing up, we are starting to see some green shoots of
opportunity appearing. DCM has seen an increase in new issues especially in covered bonds and high yield leading to interest in individuals with specialist
knowledge of these markets. The buyside is expected to continue to see hiring activity in 2012. European asset managers, private equity and hedge funds
are still on the look out for talented individuals with niche skills. The emergence of new specialist commercial real estate debt funds will increase the demand
for hiring talent after a period of stagnation in the sector. With the increased focus on structures that accommodate de-risking, funding and regulatory capital
solutions, funds are up-tearing their quantitative skill base to ensure a competitive advantage. The challenge for many smaller players remains a shortage of
financing as investors seek the perceived comfort of larger businesses with proven track records. However, boutiques will still focus on hiring top quality
individuals to build a compelling story to raise funds whilst relying on experience and pedigree of their team to successfully execute business.
Whilst many European institutions are still assessing what areas of business they want to be in and headcount being restricted, much fuss is being made in
the market about US distressed funds coming to Europe to set up shop. In reality we have not seen any great wave’s of recruitment in this space. The few
that have ventured into the murky European waters have tended to bring someone over from their US office to “test the water” before committing to hire
locally. With big investment banks stagnating when it comes to recruitment, there is a high expectation that recruitment will be a dominant feature of these
boutique firms looking to take a market share in Europe.
The outlook for second quarter is definitely more conservative but even with limited headcount, as with most years there is likely to be opportunistic upgrading
post bonuses. There will be a bid out there for disgruntled individuals but it might well be only be the top 5-10% of people who manage to find an alternative
opportunity. A positive consequence of when the talent pool of unemployed professionals grows larger it will include many well-respected and exceptional
individuals presenting perfect hiring opportunities for those building their business – less complications of bonus buy-outs, notice period etc.
The following pages outline some market moves over the last quarter.
CK Financial Markets is a boutique search firm specialising in structured finance and capital markets – in the UK and across Europe.
If you have any questions on the market or require further details please feel free to contact us:
Clare Harris, Director
Katie Penrose, Director
Tel No: + 44 (0) 207 198 0932
Tel No: + 44 (0) 207 198 0931
E:[email protected]
E: [email protected]
www.ckfinancialmarkets.com
MARKET MOVES
Banks /Brokers
 Deutsche Bank has appointed Colin Fan and Robert Rankin as co heads of the corporate and investment bank. Colin will oversee sales and trading and
Robert will be responsible for corporate finance and origination
 Lloyds Bank have made a number of hires: Richard Moore, formerly chief executive of MF Global Europe has joined as head of the bank's trading
operations; Cris Kinrade, previously head of derivatives funding at RBS has joined as head of counterparty exposure management and solutions; &
Hayley Basterfield has joined as Director on the bond syndicate desk having previously worked at RBS
 Stormharbour has made a few hires including Shammi Malik as an ABS Trader having previously worked at Cantor Fitzgerald and Eric Daniels from
Lloyds Banking Group as a principal and senior advisor
 Crédit Agricole CIB has hired Steve Munday as a senior credit trader in global high yield. He comes from Société Générale CIB
 AJ Davidson has joined RBS as managing director and head of hybrid capital. He joins from Citi’s new products group
 Nomura has hired a number of people from BarCap for their MEA fixed income business: Ramin Shayesteh is joining the London office as managing
director and head of Middle East & Africa sales for financial institutions and sovereign wealth funds; Kevin Cummings has joined the Dubai office as
executive director of the structured solutions group for the Middle East & Africa; Bashar Al Damiri will join an executive director along with Amin Kirdar as
a vice president in the Dubai office
 Knight Capital Group has hired Eoghan O’Neill as a director within institutional credit sales. He previously worked at Royal Bank of Scotland. Additionally
they have hired Alan Packman from UBS head of structured credit trading
 SMBC Nikko Capital Markets has appointed Tim Harris to its fixed income sales operation in London. Tim previously worked at Nomura
 Therese Scwabe has joined the Mediterranean Bank as a Leveraged Loan Analyst. Prior to this she held a similar role at SG
 Pascal Richard, previously with the FSA, has joined the Structured Solutions team at Lloyds
 HSBC has appointed Jose Mosquera as head of European financial credit trading from UBS. The bank has also hired Michael Bogecho as a financial
CDS trader and Filippos Katsilides as a credit derivatives index options trader. Michael joins from Deutsche Bank and Filippos from Credit Suisse
 Nicolas Boutar has joined Dinosaur Securities as a director within structured credit sales. He previously worked at BNP Paribas
CK Financial Markets Limited, 60 Cannon Street, London, EC4N 6JP Registered in England: No 5973172 www.ckfinancialmarkets.com
 Neil Kindness previously working at Close Invoice Finance has joined Aldermore's structured finance team as associate director reporting to Ian Flaxman
 Otkritie Capital has hired Michael Workman form Goldman Sachs to spearhead a push into fixed-income products
 Asif Godall has been appointed as head of European credit trading at HSBC
 Sebnem Erol previously securitisation at Deutsche Bank has joined Nomura as Managing Director in Special Situations Group
 Carlos Mendez has left investment banking firm Sandler O’Neill
Funds/Asset Management
 LDC, the private equity arm of Lloyds, has hired Jon Herbert, head of its parent group’s acquisition finance business. Herbert has spent his entire career
with Lloyds, mostly in structured finance and corporate banking
 LaSalle Investment Management has hired Jon Zehner as head of global capital markets. He previously worked at AREA Property Partners
 Henderson Capital has promoted Jim Irvine to head of fixed income at Henderson Global Investors. Colin Fleury, who was head of ABS, will replace
Irvine as head of the newly rebranded secured credit business. In addition John Feeney has joined as head of real estate debt in its secured credit team.
He previously worked at Bank of America Merrill Lynch
 Vaibhav Piplapure has joined Avoca Capital Holdings, as head of structured credit from Credit Suisse and Rachel Black also joins as head of capital
raising for its credit hedge fund team in London. Rachel has over 15 years of sales experience and joins from Concerto Asset Management
 Thames River have hired Brett Golledge in its Global Credit team from UBS and Jennifer James hire as the head of credit research from Gruss Asset
Management
 Deborah Shire has joined AXA Real Estate Investment Managers as global head of business development. She was previously deputy head of structured
finance at AXA Investment Managers
 Adil Mirza has joined L & G Investment Management as a credit analyst. He previously worked at Cutwater Asset Management
CK Financial Markets Limited, 60 Cannon Street, London, EC4N 6JP Registered in England: No 5973172 www.ckfinancialmarkets.com
 Avenue Capital Group has hired Stephen Trevor from Morgan Stanley Investment Management to lead a new initiative focusing on US and European
distressed investments
 Cyril Courbage, previously Deutsche Bank has joined Fortress as MD, Head of Commercial Real Estate Europe
 Patron Capital Partners has appointed former GE Capital Real Estate and Land Securities director Mark Collins as chairman of its UK investment division
 Benson Elliot Capital Management has hired James Jakeman and Georg Strassner. James previously worked at Lehman Brothers and Georg at
Strategic Value Partners
 Colin Wilson has been named the new head of UK and Ireland for DTZ
 Pearl Diver Capital has made two hires. Michael Brown has joined as an AVP in, structuring and quantitative analytics, while Georgia Jelliman has been
hired as head of operations/middle office
 Alex Vaskevitch has joined Serone Capital Management as a partner
 DC Advisory Partners has hired Sergio Ronga to its advisory group. He previously worked at Macquarie
 Robin Priest has joined Alvarez & Marsal Real Estate Advisory Services in London as a senior adviser. He previously worked at Deloitte LLP
Other
 Standard & Poor's has appointed Michelle Weston as regional practice leader for structured finance ratings in EMEA
Disclaimer: This report has been prepared for general information purposes only. Whilst every effort has been made to ensure accuracy, no responsibility
can be accepted by CK Financial Markets Ltd for errors and admissions however caused.
CK Financial Markets Limited, 60 Cannon Street, London, EC4N 6JP Registered in England: No 5973172 www.ckfinancialmarkets.com