VTB Capital recruits from rival

Financial News

Jason Corcoran in Moscow
08 June 2009

VTB Capital, the investment banking arm of Russia’s VTB Bank, is hiring a three-man sales and trading team from rival Troika Dialog as a growing recovery in Russia’s capital markets leads to a wave of hiring.

Will Lynch, Peter Walker and Richard Phillips have quit Troika to join VTB’s growing presence in London, one of its three global hubs.

A Troika Dialog spokeswoman said the bank was hiring to replace the three and would soon announce recruits to its private equity and investment banking teams. She said: “Troika Dialog remains committed to building one of Russia’s largest and most significant financial institutions and we continue to bring on-board strong talent to strengthen our business in this challenging environment.”
VTB was unavailable for comment.

Russia’s RTS index has leapt 85% this year, making it the world’s best-performing large equity market, after a 72% decline last year. Mergers and acquisitions have bounced back too with volumes almost tripling in April to $8.3bn (€5.9bn), up from $3bn in March.

The recovery has spread to the debt markets with oil company Gazprom Neft, mobile phone operator MTS and Russian Railways successfully returning to local and foreign debt markets. Agricultural bank Rosselkhozbank is set to issue the first Eurobond by a Russian bank since last summer.

Jonathan Astbury, managing director at the headhunter Sandton Group, said banks in Moscow were looking for staff in cash equity sales, equity trading, oil and gas M&A, in addition to chief operation officers and senior support staff in risk.

He said: “Russia has seen a good recovery in recent weeks, with increased cautious optimism regarding the future and sustained rises in oil prices.

“This is a much-needed boost to the recruitment market and once again banks are starting to add staff.”