Finance

Trading Places: Credit Suisse, HSBC shake up top ranks

Credit Suisse has shaken up the senior ranks of its investment bank, promoting long-serving dealmakers in London and New York after a number of departures.

David Wah has been named global head of advisory, while London-based Cathal Deasey and Steven Geller in New York have been named co-heads of M&A globally, a memo seen by Financial News said.

The appointments follow the departure of Greg Weinberger, who is set to join Morgan Stanley, according to the Wall Street Journal. At least 12 senior dealmakers have left the Swiss bank in recent weeks, predominantly in the US.

HSBC hired a former Barclays dealmaker to co-head its advisory unit, part of a series of changes at the top of its investment bank as it bolsters its team of senior bankers.

The UK lender has merged its capital markets and advisory business with its investment banking coverage unit, hiring Matthew Ginsburg, a former Morgan Stanley and Barclays dealmaker, as co-head alongside Adam Bagshaw, who joined last year from Deutsche Bank, according to a memo seen by Financial News.

David Cumming, one of the City’s best-known investors, was among the first causalities as Aviva Investors kicked off redundancy consultations with fund managers across its equities division. The £365bn investment house wants to focus more attention on areas where it has “a competitive edge”, it said, including real assets, credit, multi-asset, and wealth and retirement solutions.

Among other high profile fund managers believed to be at risk from job cuts is Mikhail Zverev, who heads up global equities.

Citigroup‘s Francesco Vanni d’Archirafi left the investment bank to become Euroclear’s new chairman.

Based in New York, Vanni d’Archirafi was the chief executive officer of Citi Transaction Services – the provider of cash management, trade and securities services to multinational corporations, financial institutions and the public sector – and Citi Holdings, before moving to London to become vice chair of banking, capital markets and advisory for Europe, the Middle East and Africa.

His appointment is subject to shareholder approval at Euroclear’s general meeting of shareholders. which takes place on 1 July.

Standard Life Aberdeen hired Tracey Hahn, a former human resources director at ReAssure, Old Mutual Wealth and Merrill Lynch, to be its new chief people officer. Based in London, she will report into chief executive Stephen Bird, but will have a global remit to review reward strategies and talent retention at the asset manager.

UBS has promoted a senior dealmaker to lead its activist defence unit in Europe, following the departure of former boss Darren Novak to JPMorgan.

David Roberts will become head of activist defence for Europe, the Middle East and Africa, according to an internal memo seen by Financial News. He will work with Aneliya Crawford, who leads the unit globally from New York, the memo said

Lombard Odier Investment Managers hired a new head of UK wholesale as part of plans to bolster its offering to the market. Selina Tyler joined the Swiss banking group from Mirabaud Asset Management, where she was also head of UK wholesale, and has previously held roles at Hermes Investment Management and Man Group.

She will be based in London and report to European sales head Jonathan Clenshaw, with a brief to grow the firm’s UK wholesale franchise and strengthen its relationships with intermediaries including private banks, financial advisers and wealth managers.

Meanwhile, the trade body representing Europe’s €27tn fund management industry named Candriam chief executive Naïm Abou-Jaoudé as its next president.

Abou-Jaoudé, who has been CEO of Franco-Belgian asset manager since 2007, was elected president of the European Fund and Asset Management Association at the trade body’s general meeting on 11 June. He replaces Nicolas Calcoen, deputy general manager at Amundi, and will serve a two-year term in the role.

The Financial Conduct Authority appointed London Stock Exchange chair Michael Findlay to chair its independent markets practitioner panel. The panel is one of the industry bodies charged with overseeing the FCA’s activities. Findlay will take on the post from 1 July.

Investor relations consultancy Edison Group made four hires across its business. Andy Murphy joins as director of industrials and financials, James Magness as director of energy and renewables, and Luke Crowson and Lin Li as business development managers. The hires bring experience from the likes of BlackRock, Panmure Gordon, and Octopus Investments over to Edison as it looks to expand its global reach.

Private bank Brown Shipley appointed former UBS, Brewin Dolphin and Column Threadneedle executive Kath Cates as its new chair.

Interim chair Rory Tapner is stepping aside to make way for Cates, a 20-year veteran of UBS who held roles include global head of compliance and general council before becoming global chief operating officer of the wholesale bank at Standard Chartered.

Former deputy chief executive of RBS’s non-core division Euan Hamilton became chairman of Cynergy Bank. Hamilton, who was also formerly head of RBS’s global sponsor coverage and leveraged finance business, as well as a director at Bank of Cyprus Group, takes over from the retiring Phil Nunnerley.

Hamilton sees his role elevated after five years on Cynergy’s board, currently serving as senior independent non-executive director and chair of the bank’s remuneration, nominations and corporate governance committees.

To contact the author of this story with feedback or news, email Justin Cash

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