IFR 03.08.2019

MOELIS CEO KEN MOELIS, P

SANTANDER has

named Juan Coppola

(left) as global head of

cash equities, a newly

created role. Coppola’s

responsibilities will

include cash equities

sales, execution and

equity research. He will

report to Jorge de

Gortari and Jose

Manuel Colina, head of

market activities for

the Americas and

Europe, respectively.

Santander also named

Manuel Calle as head

of cash equities for

Europe and Miguel

Machado as head of

equity research for the

Americas.

EVERCORE has hired

Ari Berger to run the

retail segment of its

global consumer retail

group, based in New

York. Berger joined

from Barclays, where

he was a managing

director in the bank’s

consumer retail group.

Prior to joining

Barclays in 2008,

Berger worked for 10

years in the retail

groups of Lehman

Brothers and Credit

Suisse. He will join

Evercore as a senior

managing director in

October.

Who’s moving where...

Rallye skid hurts French banks

French banks endured a weaker second
quarter in their investment banking arms
than many international peers, with several
EXPOSEDûTOû2ALLYE ûTHEûPARENTûOFûMAJORû
SUPERMARKETûCHAINû#ASINO ûWHICHûlLEDûFORû
protection from its creditors in May.
NATIXIS said it took a provision against a
hLARGEûSINGLEûlLEvûBUTûDECLINEDûTOûCONlRMûIFû
that referred to Rallye. Its credit provisions
JUMPEDûTOûõMûFORûTHEûSECONDûQUARTER ûUPû
from €41m in the same period a year ago.
CREDIT AGRICOLE took €69m of provisions,
MOSTLYûAGAINSTûAûSINGLEûEXPOSUREû!ûBANKû
OFlCIALûTOLDû2EUTERSûTHISûREFERREDûTOû2ALLYE
4HEûBANKSûWEREûPARTûOFûSYNDICATESûTHATûHAVEû
PROVIDEDûAûõMûLOANûFACILITY ûTAKENûOUTûLASTû
3EPTEMBER ûANDûAûSEPARATEûõMûREVOLVINGû
credit facility to Rallye. Both facilities are
SCHEDULEDûTOûMATUREûINûû2ALLYEûALSOûHASû
õBN
EQUIVALENTûOFûBONDSûOUTSTANDING

/THERûBANKSûPROVIDINGûTHEûõMûFACILITYû

were BNP Paribas, Credit Industriel et

#OMMERCIALûANDû(3"#û4HESEûWEREûALSOû

ARRANGERSûOFûTHEûõMû2#&ûALONGSIDEû

Banco Santander, Banque Publique

d’Investissement, Credit Mutuel, ING,

Intesa Sanpaolo, Mediobanca, Rabobank

and RBS.

4HEûLATTERûFACILITYûISûTRADINGûSIGNIlCANTLYû

below face value, suggesting it would be

severely restructured through the French

court process.

TURBULENT TIMES

.ATIXISûHASûALSOûFACEDûAûTURBULENTûPERIODûINû

its asset management business, seeing €6bn

OFûOUTmOWSûFROMûITSû(/ûSUBSIDIARYûINû*UNEû

after reports it held illiquid bonds and had

GOVERNANCEûISSUESû4HEûFUNDûTEMPORARILYû

dropped fees on new funds too.

4HEûBANKûSAIDûNETûINmOWSûHADûSTARTEDû

AGAINûINû*ULYûANDûFEESûHADûBEENûIMPOSEDû

AGAINû!CROSSûALLûITSûASSETûMANAGEMENTû

BUSINESSûNETûOUTmOWSûWEREûõBNûDURINGûTHEû

THREEûMONTHSûTOûTHEûENDûOFû*UNEû)TûHADû

€898bn under management at the end of

the period.

.ATIXISûSAIDûITSûCORPORATEûANDûINVESTMENTû

bank revenues in the second quarter were

õMûDOWNûûFROMûAûYEARûAGO

)TSûlXEDûINCOMEûCURRENCIESûANDûTREASURYû

REVENUESûROSEûûTOûõMûBUTûEQUITIESûFELLû

ûTOûõMû)NVESTMENTûBANKINGûFEESûROSEû

ûTOûõMû'LOBALûlNANCEûREVENUESûDROPPEDû

ûTOûõM

%CHOINGûOTHERûBANKSû.ATIXISûSAIDûITSû

credit and rates trading had been stronger

than FX.

SOCIETE GENERALEûSAIDûITSûlXEDûINCOMEû

currencies and commodities unit did better

Deutsche sets out investment bank top team

DEUTSCHE BANK has unveiled a new leadership
team under Mark Fedorcik, who last month
was put in charge of the bank’s streamlined
investment bank following the carving out
of a corporate bank, resulting in a
restructuring of several business lines.
Regional heads for the investment bank
are James DaviesûFORûTHEû!MERICASûHenrik
Johnsson and Gavin ColquhounûASûCO
HEADSûFORû
%UROPE ûTHEû-IDDLEû%ASTûANDû!FRICAûANDûAmit
Khattar and Anthony MillerûASûCO
HEADSûFORû
!SIA
0ACIlC ûAûSPOKESWOMANûSAID
Deutsche will have two distinct client
coverage teams: Davies will run investment
banking coverage (IBC), which will focus on
PRIVATE
SIDEûCOVERAGEûOFûCHIEFûEXECUTIVEûANDû
lNANCEûDIRECTORûRELATIONSHIPSûWHILEûDrew
Goldman is in charge of the institutional client

group (ICG) based in New York – the bank’s

PUBLICûSIDEûSALES

FORCEûCOVERINGûINVESTORSûACROSSû

ITSûlXEDûINCOMEûPRODUCTûSUITE

On the product side of the equation:

*OHNSSONûCONTINUESûTOûBEûCO

HEADûOFûGLOBALû

INVESTMENT

GRADEûDEBTûCAPITALûMARKETSû

ALONGSIDEû.EWû9ORK

BASEDûMarc Fratepietro.

*OHNSSONûISûALSOûCO

HEADûOFûCAPITALûMARKETSûWITHû

Sean Murphy, who is also based in the US.

Equity capital markets are run by Jeff

Bunzel and Josef Ritter, with structured equity

under the helm of Andy Yaeger.

$EUTSCHEûHASûDISMANTLEDûTHEûlNANCINGûANDû

solutions group (FSG) created at the end of

û4HEûCORPORATEûBANKûWILLûTAKEûTHEû&3'û

bankers who primarily delivered rates and FX

SOLUTIONSûTHEYûWILLûSITûWITHûCOVERAGEûOFûTREASURYû

departments and cash management.

Financing or DCM focused bankers

formerly in FSG, as well as those covering

,AT!MûANDû#%%-%!ûWILLûMOVEûINTOû)"#

4HEûCHANGESûLEAVEûTHEûEXACTûROLEûOFûSEVERALû

BANKERSûCURRENTLYûUNDElNEDûINûTHEûNEWû

structure. One of these is Lorenzo Frontini, who

WASûHEADûOFû&3'ûFORû%-%!û(EûCOULDûBEûMOVINGû

INTOûAûSENIORûROLEûWITHINûGLOBALûlNANCINGûANDû

credit trading, according to a source.

'#4ûSITSûUNDERûChetan Shah, with Matt

Borstein RUNNINGû!MERICASûWHILEû%-%!ûISû

under Colquhoun’s remit.

'IVENû*OHNSSONSûNEWûRESPONSIBLITIESûSOURCESû

suggest Mark Lewellen, hired as head of

CORPORATEû$#-ûFORû%UROPEûINû!PRILûCOULDûBEûSETû

for a bigger DCM role, especially as Deutsche has

also elevated another senior debt leader, Gerald

Podobnik, who was head of FIG origination and

“It seems like animal spirits in the world, and the desire for people

to do transactions is improving marginally every week”