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INVESTMENTBANKING&EQUITIES
DeutscheBankasksDenisMacCarthytoleave
ThebankhasaskedDenisMacCarthytoleave,itsco-headofinstitutionalclientgroupequitysales
forAsiaex-Japan.Hissuddenexitcomesatacurioustime,sincethebankhasbeenaddingtoits
equitiesteam.
DeutscheBankhasaskedDenisMacCarthy,co-headofinstitutional “TheyhaveagoodchapinBhupi[BhupinderSingh]andit’sjusta
clientgroup(ICG)equitysalesforAsiaex-Japan,toleavethefirm,asi- decisiontotakeawayonelevelofmanagement,”thesourcesaid.
amoney.comexclusivelyrevealed. “Denisleavingdoesn’tchangeanythingfundamentally.”
Thesuddendepartureofoneofthedivision’smostseniormanagers ButMacCarthy’sdeparturecomesatacurioustime,giventhatthe
wasunderstoodtohavehappenedonDecember9or10. bankhasbeenaddingtoitsequitiesteamrecently.OnNovember16,it
MacCarthyjoinedthebankin2003inanequityderivativesalesrole announcedithadhiredfiveseniorcashequitysalesstafftoservice
andhelpedtodevelopthebank’scashequitiesbusinessintheregion. institutionalclientsinHongKong,IndiaandSingapore.
Itcouldbeastreamliningexercisebythebank,sinceDeutscheis Itsrivalsarebulkingup,too.BarclaysCapitalisunderstoodtohave
knowntohavehiredactivelyinequitiespriortothefinancialcrisis. hiredheavilyintryingtobuilditsequitiesfranchiseandmostrecently
OneseniorindustrysourcepointedoutthatwhileDeutschehadlet poachedStephenO’SullivanfromMacquarieSecuritiesforasenior
goofanumberofjuniorstaffinthemidstofthecrisis,ithadnotcutas equitiesresearchrole.
deeplyintoitsseniorranks. IndustrysourcesspeculatedthatDeutschewouldnotmakemany
Anothersourcesuggestedthatthemovecouldsimplyhavebeen moreseniorcutsinthenearterm.“Iftheydothat,it’sgoingtobevery
becauseDeutschedecideditdidnotneedsomanyseniormanagers. badpressforthem,”saidone.“Infact,it’smorelikelythatthey’re
MacCarthyhadreportedtoBhupinderSingh,headofICGandstruc- goingtohirenextyearandthey’vegotthemoneyforthat.”
turinginAsiaex-Japan,whorelocatedtoSingaporefromLondonat AspokesmanforDeutscheBankinSingaporedeclinedto
thebeginningofthisyear. comment.
Ex-RBSbankerGriffithssettojoinMacquarie
RichardGriffiths,whoquitaschiefofAsiaindustrialsM&AattheRoyalBankofScotlandinNovember,
isjoiningMacquarieinthenewyear,asiamoney.comcanreveal.Itisunderstoodhewillbecomea
divisiondirector.
M&AbankerRichardGriffithsisjoining KalpanaDesaiasitsdeputyheadofAsiaforits group,isalsounderstoodtohavetakenvolun-
MacquarieGroupafterquittingtheRoyal MacquarieCapitalAdvisersbusiness.Bycon- taryredundancy,accordingtosources.Aspart
BankofScotlandinNovember,asia- trast,RBShasseenaraftofseniordepartures ofthereshuffle,SanjeevKumar,theregional
money.comexclusivelyrevealed. intheregion.JamesPearsonleftasheadof headofthecorporatefinanceandrisksolu-
Itisunderstoodhewillbecomeadivision Asia-Pacificfinancialinstitutionsgroupin tionsteamforRBS,nowheadsthenewly
directorattheAustralianbankinthenew August,whileCeliaCui,adirectorofthe mergedcorporatefinanceteamforAsia-
year.Aspokesmanatthebankconfirmedthe bank’sChinateam,quitinOctober. Pacific.MeighenRobertson,aco-headofthe
hire. AndinNovembertwoofitsAustralianM&A Asiancorporate-financegroup,willheadthe
GriffithshadbeenatRBSforjust14 bankers,DavidJanesandStevenBoggiano, Asiasectorsteam.
months,havingjoinedinAugustlastyearfrom lefttojoinBarclaysCapitalinSydney. RBSconductedastrategicreviewofopera-
boutiqueinvestmentbankHoulihanLokey.He TheScottish-basedbankalsomadeeight tionsandoptedtosellselectedbusinessesin
hasalsoworkedatABNAmroinHongKong bankersredundantinitsAsia-Pacificcorpo- AsiatohelppaybacktheUKgovernment,
andPricewaterhouseCoopersinLondon. ratefinanceteamlastmonthaspartofitsdeci- whichagreedtoinvest£25.5billion(US$41.5
HehadheadedRBS’industrialsgroupin siontomergeitscorporatefinanceandadviso- billion)inthelenderinreturnfora70%stake.
Asia,andduringhistenurehehelpedtoadvise ryteams. Thebanksoldretailandcommercialbank-
onSinochem’sUS$2.4billionacquisitionof ThosemaderedundantincludeIvanLiand ingassetsintheregiontoANZforUS$550mil-
Australia’sNufarminSeptember. StevenLi,membersoftheAsiansectorsteam, lioninAugust,aswellasRBSPakistantoMCB
ThemoveisinkeepingwithMacquarie’s andBartDevries,anexecutivedirectorinthe Bank.
effortstobeefupitsregionalM&Adivision.In financialsponsorsteam.TomJackamo,aman- AspokespersonforRBSinHongKong
SeptemberitappointedveteranM&Abanker agingdirectorinthefinancialinstitutions declinedtocomment.
12 DEC2009/JAN2010 ASIAMONEY
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