Monday, 25 February 2008

Senior executives leave Deutsche Bank in Moscow

Financial News

Jason Corcoran in Moscow

25 February 2008

Deutsche Bank’s head of equity sales in Russia, Ian Colville, and his colleague Maxim Achkasov have joined the exodus of senior staff from its Moscow operation.

Deutsche, the leading foreign investment bank in Moscow, has been hit by departures since co-investment banking head Nicholas Jordan left last March for Lehman Brothers.

Colville, who joined the group in 2003, is moving to a private equity fund, New Path Ventures. He will join former Deutsche colleague Michael Stein in Kiev while director of equity sales Achkasov is leaving for a buyside job.

Claus Korner, head of wealth management in Russia, left last month for Icelandic banking group Glitnir. Jordan’s former co-head Ilya Sherbovich is leaving to start an investment boutique. Other leading bankers have resigned to join rivals Dresdner Kleinwort, Citigroup, Morgan Stanley, Renaissance and Macquarie.

Deutsche retained its status as Thomson Financial’s leading equities bookrunner last year in Russia from its involvement in 10 issues worth more than $5.3bn (€3.57bn). The bank has opted to promote from within in response to the war on talent.

A spokeswoman for Deutsche in Moscow was unavailable.

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