Financial News
Jason Corcoran in Moscow
21 Dec 2007
Emerging markets investment bank Renaissance Capital aims to double the headcount in its African and central Asian operations next year to 260 bankers.
Renaissance, which set up shop in Africa earlier last year, is recruiting an additional 100 bankers for its sub-Saharan hub in Nigeria's Lagos and its offices in the Kenyan capital Nairobi.
The bank is also establishing a full service investment bank in Kazakhstan's financial capital Almaty as a launchpad into other central Asian markets such as Uzbekistan. Staffing in Almaty will be doubled to 60.
Karl Franzmann, global head of recruitment at Renaissance, said the bank required investment bankers, equity research analysts and sales and traders for its new markets.
He said: "We are going to look at how the downturn will affect the bulge bracket banks. They have made commitments before to emerging markets and then pulled out. There are a lot of experienced expatriates working in New York and London and they might be looking at their options to return home in a few months time."
Renaissance will run a global advertising campaign next week in the Wall Street Journal and the Financial Times.
Franzmann said the bank's main Russian business would grow by 25% next year. "In Russia the growth will be spread across investment banking, sales and trading, derivatives and research."
Peter Vanhecke, recently hired from Dresdner Kleinwort has been appointed to head up Renaissance's bank in Ukraine.
Renaissance is also opening another sales and distribution hub in either Singapore or Hong and expanding its New York office.
A London-based headhunter said some bulge-bracket banks like Credit Suisse and Deutsche Bank had already ring-fenced their emerging market operations to protect them in the event of job losses due to the US sub-prime crisis.
He said: "Emerging market operations are usually where heads start rolling first. Banks that haven't suffered from the credit crunch can leverage the relative weakness of other banks to build their platforms."
Senior Moscow bankers suggested Lehman Brothers might be most vulnerable in Moscow to cuts. "They have struggled to gain scale and Dick Fuld isn't very keen on Russia anyway," said one.
Showing posts with label Credit Suisse. Show all posts
Showing posts with label Credit Suisse. Show all posts
Friday, 21 December 2007
Monday, 24 September 2007
VTB hires for new global markets arm
Financial News
Jason Corcoran in Moscow
24 Septembe 2007
Russian state-run bank VTB has appointed a former McKinsey consultant to develop its move into investment banking following the defection last week of Vasily Kirpichev to Dresdner Kleinwort.
Julia Chupina, a VTB board member, has replaced Kirpichev, who moved to London four months ago to take responsibility for VTB Europe, the investment banking start-up.
Steve Thunem, head of VTB’s newly created global markets group, said the bank plans to hire 60 staff in London and between 20 and 30 people in Moscow, for the new venture. VTB’s London team is moving into new offices next year at 14 Cornhill. The 6,360 sq m space is double that of its King William Street offices and is sufficient for a trading floor.
He said: “Investment banking will not be solely London-based. There will be two hubs in Moscow and in London. The intent is to manage Moscow-based investment banking activities in a separate entity, integrated with the London hub. Logically, it would make sense to locate activities such as equity trading and domestic sales, research, rouble bond trading and distribution in Moscow. We are also likely to develop sales and distribution in New York and Singapore.”
Thunem, who came from Dutch-owned bank ABN Amro in April, has been joined by former colleagues George Niedringhaus and Edward Bungey as head of fixed income and senior fixed income sales person, respectively. Martin Pasek, formerly at Credit Suisse, has been hired as head of structured products.
VTB is also seeking a head of investment banking, a head of equity markets and a team of 20 analysts and plans to build a small M&A advisory group. Russian banks are locked in a fight for talent with western rivals, such as Goldman Sachs and Lehman Brothers, which are building teams in Moscow.
One senior banker who was approached for a job, said: “I am not sure the $50m (€35.4m) earmarked for between 15 and 20 bankers’ salaries is enough to work for a Kremlin-controlled bank. The headhunters, the Rose Partnership, do not have anyone in Moscow and do not seem overly familiar with the Russian banking scene.”
The battle to secure top bankers has resulted in a merry-go-round among leading investment banks. Dresdner hired Kirpichev after the defection last year of its senior rainmaker Bob Foresman, head of the bank’s Moscow office, to Renaissance Capital, the leading independent investment bank operating in Russia.
www.efinancialnews.com
Jason Corcoran in Moscow
24 Septembe 2007
Russian state-run bank VTB has appointed a former McKinsey consultant to develop its move into investment banking following the defection last week of Vasily Kirpichev to Dresdner Kleinwort.
Julia Chupina, a VTB board member, has replaced Kirpichev, who moved to London four months ago to take responsibility for VTB Europe, the investment banking start-up.
Steve Thunem, head of VTB’s newly created global markets group, said the bank plans to hire 60 staff in London and between 20 and 30 people in Moscow, for the new venture. VTB’s London team is moving into new offices next year at 14 Cornhill. The 6,360 sq m space is double that of its King William Street offices and is sufficient for a trading floor.
He said: “Investment banking will not be solely London-based. There will be two hubs in Moscow and in London. The intent is to manage Moscow-based investment banking activities in a separate entity, integrated with the London hub. Logically, it would make sense to locate activities such as equity trading and domestic sales, research, rouble bond trading and distribution in Moscow. We are also likely to develop sales and distribution in New York and Singapore.”
Thunem, who came from Dutch-owned bank ABN Amro in April, has been joined by former colleagues George Niedringhaus and Edward Bungey as head of fixed income and senior fixed income sales person, respectively. Martin Pasek, formerly at Credit Suisse, has been hired as head of structured products.
VTB is also seeking a head of investment banking, a head of equity markets and a team of 20 analysts and plans to build a small M&A advisory group. Russian banks are locked in a fight for talent with western rivals, such as Goldman Sachs and Lehman Brothers, which are building teams in Moscow.
One senior banker who was approached for a job, said: “I am not sure the $50m (€35.4m) earmarked for between 15 and 20 bankers’ salaries is enough to work for a Kremlin-controlled bank. The headhunters, the Rose Partnership, do not have anyone in Moscow and do not seem overly familiar with the Russian banking scene.”
The battle to secure top bankers has resulted in a merry-go-round among leading investment banks. Dresdner hired Kirpichev after the defection last year of its senior rainmaker Bob Foresman, head of the bank’s Moscow office, to Renaissance Capital, the leading independent investment bank operating in Russia.
www.efinancialnews.com
Subscribe to:
Posts (Atom)
Posts
