IFR Magazine - October 27, 2018

DEUTSCHE BANK has

hired former Goldman

Sachs banker David

Costa in London and

Cindy Luo (left) in

Hong Kong as it seeks

to increase its scale

and capabilities in

private placements.

Costa has joined as a

director and will run

Deutsche’s syndicate

EMTN (euro medium-

term note) group from

London. He reports to

Frazer Ross, head of IG

credit syndicate for

EMEA. Luo has joined

from Societe Generale

as an associate for the

private placements

team and will

coordinate local

currency and private

placement work in

Asia-Pacific.

RBC CAPITAL

MARKETS has hired

Ralph Ibendahl and

Meena Samaan for its

European utilities and

renewables team.

Ibendahl joined as a

managing director,

after 13 years at

Barclays, most recently

as head of renewables.

Samaan joined as a

director in the same

team from DC

Advisory, where he

worked in the

infrastructure sector.

He previously worked

at JP Morgan in energy

and utilities in Asia.

Who’s moving where...

UBS CEO SERGIO ERMOTTI, P

Boutique M&A revenue slips, but still

on record pace

Merger mania took a pause in the third
quarter but is still on track for a record
YEARû4HEûSLOWDOWNûSHOWEDûUPûINûTHEû
results of independent investment banks
THATûHADûBEENûPOSTINGûRECORDûREVENUE
Despite the lull LAZARD, EVERCORE and
MOELISûAREûSTILLûONûTRACKûFORûRECORDûYEARSû
And GREENHILLûHASûBOUNCEDûBACK
,AZARDûREPORTEDûlNANCIALûADVISORYûREVENUEûOFû
53MûINûTHEûTHIRDûQUARTER ûDOWNûûFROMûTHEû
YEAR
AGOûPERIODû&ORûTHEûlRSTûNINEûMONTHSûOFûTHEû
YEAR ûREVENUEûWASûUPûûATûAûRECORDû53BN
/NûAVERAGEûADVISORYûREVENUEûFORûTHEûlVEû
largest US banks was down 6% in the third
QUARTER
“Overall, the US remains robust,” said
,AZARDûCHIEFûEXECUTIVEû+ENû*ACOBSûONûAûCALLû
WITHûANALYSTSûh%UROPEûISûSTILLûPRETTYûGOODû
too, better than last year, but a little bit
SOFTERûTHANûITûWASûEARLIERûTHISûYEAR vûHEûSAID

,AZARDûSAIDûITSû-!ûADVISORYûREVENUEû

was actually up in the third quarter, but

there was a sharp decline in restructuring

revenue, in a relatively subdued market

compared with a strong third quarter in



BOUTS OF VOLATILITY

Rival Evercore reported advisory revenue

OFû53MûINûTHEûQUARTERûDOWNûûFROMû

AûYEARûAGOû&ORûTHEûNINE

MONTHûPERIODû

REVENUEûWASûUPûûATû53BNûALSOûAû

RECORDûFORûTHEûBANK

“Notwithstanding lower advisory

revenues in the third quarter, our

backlogs remain strong, and we remain

CONlDENTûINûOURûABILITYûTOûCONTINUEûTOû

grow our market share of advisory fees in

THEûCOMINGûQUARTERSvûSAIDû#%/û2ALPHû

3CHLOSSTEIN

Bouts of volatility in the third quarter

may have contributed to companies being

HESITANTûTOûPULLûTHEûTRIGGERûONûDEALS

3TILLû%VERCOREûEXECUTIVEûCHAIRMANû*OHNû

Weinberg said the bank’s clients were still

OPTIMISTICûTHATûDEALSûCOULDûBEûlNANCEDû

“Right now, we don’t really see any change

in how people are thinking about strategic

ACTIVITYvûHEûSAID

Leland takes Goldman reins in Asia

GOLDMAN SACHS veteran banker Todd Leland
will become Asia investment banking head,
a person with knowledge of the matter said,
adding to leadership changes at the bank
SINCEû#%/û$AVIDû3OLOMONûTOOKûOVERûTHISû
MONTH
,ELAND ûANû!MERICANûWHOûJOINEDû'OLDMANû
INû ûWILLûREPLACEû!NDREAû6ELLAûANDû+ATEû
Richdale as the head of the Asia investment
BANKINGûUNITûEXCLUDINGû*APANû6ELLAûANDû
2ICHDALEûWEREûAPPOINTEDûCO
HEADSûINû
6ELLAûANDû2ICHDALEûWILLûREMAINûINû!SIAû
TOûBECOMEûTHEûCO
CHAIRSûOFûTHEûUNIT ûSAIDû

the person, who declined to be named

as the move has not been made

PUBLICûYET

,ELANDûWASûNAMEDûAûCO

PRESIDENTûOFûTHEû

BANKûFORû!SIAû0ACIlCûEXCLUDINGû*APANûINû

3EPTEMBERûûAFTERûPREVIOUSLYûWORKINGûINû

,ONDONûFORûAûDECADE

(EûTAKESûOVERûATûAûTIMEûWHENû#HINASû

aggressive outbound push for mergers and

acquisitions has slowed this year amid an

escalating trade war with the United States,

ANDûWEAKERûMARKETSûAREûEXPECTEDûTOûWEIGHû

ONûTHEûAPPETITEûFORûNEWûEQUITYûOFFERINGS

)NûTHEûlRSTûNINEûMONTHSûOFûû

'OLDMANSûREVENUEûINû!SIAûWHICHûISûTHEû

smallest of its three regions, rose 9% to

53BNû!SIASûSHAREûOFûGROUPûSALESûFELLûBYû

ONEûPERCENTAGEûPOINTûTOûûINûTHATûPERIOD

ALL CHANGE

2ICHDALEûAûmUENTû-ANDARINûSPEAKERûWITHû

EXPERIENCEûINûSOUTHEASTû!SIANûDEALMAKINGû

JOINEDû'OLDMANûFROMû-ORGANû3TANLEYûINû

-ARCHû

Before taking over the Asia leadership

ROLEû6ELLAûHADûBEENûCO

HEADûOFûTHEûlNANCINGû

“You will not hear about a new strategic

DIRECTIONû/URûSTRATEGYûISûTHEûRIGHTûONEv

”Notwithstanding lower

advisory revenues in the third

quarter, our backlogs remain

strong, and we remain confident

in our ability to continue to grow

our market share of advisory

fees”