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^ MIZUHO
SECURITIES has hired
Jon Murray as head of
equity-linked
origination and equity
syndicate for EMEA.
Murray joined from
Deutsche Bank, where
he spent 13 years, most
recently as director in
its convertible bonds
business. He is due to
start at the end of
November and will be
responsible for
growing Mizuho’s CB
business in Europe,
while also covering
cash syndicate and
helping sell Asia-
Pacific products into
European accounts.^ Frank Kwong has
left BNP PARIBAS,
where he was head of
primary markets for
Asia-Pacific and
regional head of asset
finance and
securitisation. Kwong
had been at BNP
Paribas for 15 years
and has held his
current role since 2015.^ Former HSBC
chairman Douglas Flint
has been appointed
new chairman of
STANDARD LIFE
ABERDEEN. Flint, who
stepped down from
HSBC’s board last year,
will lead the board of
Standard Life from
January 1, succeeding
Gerry Grimstone after
an 11-year stint.^ KEYBANC CAPITAL
MARKETS has named
Brendan Grady head of
sales trading. He
replaces Rhys Brooks.
Grady joined KeyBanc
as a managing director
from Barclays in June
2017 as part of the
firm’s expansion into
trading.^ BNP PARIBAS has
appointed its Greater
China global markets
head CG Lai as China
chief executive. Lai,
who has been with the
French bank for close
to two decades in
various fixed income
roles, is a replacement
for Bing Chen, who left
the bank earlier this
year.Allianz launches Asia private credit team
ALLIANZ GLOBAL INVESTORS is launching a private
credit team in Asia, becoming the latest
global investment manager to pile into the
fast-growing sector.
The new team will be based in Singapore
and will provide a mixture of senior
SECUREDûANDûMEZZANINEûlNANCING û!LLIANZû
said.
The German asset manager has hired
Sumit Bhandari from the Abraaj Group, a
$UBAI
HEADQUARTEREDûPRIVATEûEQUITYûlRM ûTOû
spearhead the new group.
Bhandari was lead portfolio manager for
Asian private credit at the Abraaj Group for
the past two years. Prior to that, he spent six
years at BlackRock and has also worked at
Lehman Brothers, where he oversaw its
legacy illiquid loan portfolio.
Bhandari is joined by his colleague
Weizhong Yun, who spent seven years at the!BRAAJû'ROUPû9UNûHASûALSOûWORKEDûATû"ANKû
OFû!MERICAû-ERRILLû,YNCHûANDû(3"#
Allianz said it expects to announce further
appointments in the coming months.
The launch of a dedicated private credit team
in Asia follows on the heels of private equity
lRMSûGLOBALLYûTHATûHAVEûADDEDûRESOURCES ûANDûINû
some cases raised standalone funds, for private
credit investments.
Thomas BlottRothschild veteran Higgins
picked as Barclays chairman
BARCLAYS has picked veteran ROTHSCHILD
banker Nigel Higgins to take over as its
chairman in May, indicating that the British
bank is unlikely to row back on investment
banking despite calls from an activist
investor to do so.
Current chairman John McFarlane will
step down after Barclays’ annual
shareholder meeting on May 2, after just
OVERûTHREEûYEARSûINûCHARGEû(IGGINSûWILLûTAKEû
the helm, having joined the Barclays board
as a non-executive in March.
(IGGINS û ûISûCURRENTLYûDEPUTYûCHAIRMANû
OFû2OTHSCHILDû(EûHASûSPENTûHISûENTIREû
YEARûCAREERûATûTHEûADVISORYûlRM ûINCLUDINGûASû
chief executive and co-chairman of its
executive committee from 2010 until seven
MONTHSûAGOû(EûWASûTHEûlRSTûNON
FAMILYû
member to lead the bank in 200 years.
(IGGINSûJOINEDû2OTHSCHILDûASûAûGRADUATEûINû
1982 and moved up the ranks to head global
telecoms, UK investment banking, European
investment banking and then global
INVESTMENTûBANKINGû(EûHASûADVISEDûMAJORû
companies and governments around the
world and Barclays said his experience
RUNNINGûANûINTERNATIONALûlNANCIALûlRMû
makes him ideal to chair the bank.
h(EûISûAûHUGELYûRESPECTEDûBANKER ûAûSTRATEGICû
thinker, someone with extensive international
experience, and he has a strong positive
leadership style,” said Crawford Gillies,
Barclays’ senior independent director, who led
the search process.ADVISER NOT TRADER
The appointment comes after calls from
activist fund Sherborne Investors for Barclays
to further scale back its investment bank,
which has been slimmed down in recent years
to focus on core US and UK markets.
Sherborne, led by Edward Bramson, built
a 5.4% stake in Barclays in March and said in
August it wanted to engage with the bank
on the search for a new chairman.
But it was not involved in the search
process. Chief executive Jes Staley said after
the announcement of results on October 24
he had only met Bramson once and they
would meet again in a few weeks.
Bramson is reported to want Barclays to
cut back its trading and markets activities.7HILEû(IGGINSûISûAûCAREERûINVESTMENTû
BANKER ûTHATûHASûBEENûINûANûADVISORYûlRM û
rather than in a trading or markets role.
Barclays’ investment bank has been
performing well, which has dampened support
for Bramson’s calls for further upheaval. The
BANKûBEATûEXPECTATIONSûWITHûAûPRE
TAXûPROlTûOFû
£1.57bn for the third quarter, helped by a 19%
jump in markets revenues. Staley said the bank
was gaining market share from rivals in that
area, and the bank’s strategy was working.
McFarlane took over as chairman at the start
OFûûANDûBRIEmYûSTOODûINûASûCHIEFûEXECUTIVEû
AFTERûHEûlREDû!NTONYû*ENKINSûINû*ULYûûUNTILû
3TALEYûARRIVEDûASû#%/ûINû$ECEMBERûû
Alongside Staley he has overseen another
restructuring of the bank, which included
cutting its international retail and investment
bank operations to slash headcount and costs.
There had been speculation McFarlane
would soon step down for some time. In May,
he said work had started on preparing for his
DEPARTURE ûALTHOUGHûHEûTOLDûINVESTORSûh9OUû
are not getting rid of me yet.”
(IGGINS ûWHOûLIVESûINû,ONDONûANDûHASûAû
degree in modern history from Magdalen
College, Oxford, has been appointed for a
three-year term, although he is seen as
potentially staying for far longer.
(EûWILLûBEûPAIDûa ûAûYEARû
Steve Slater