Moves of the Week: HSBC, Morgan Stanley, Euroclear and more…

Citi turns to two-decade veteran for European solutions
Citigroup has named a new European head of treasury and trade solutions. Ebru Pakcan has been named head of TTS for Europe, the Middle East and Africa, according to a statement from the US bank on November 2. She replaces Rajesh Mehta, who switched to become TTS head for Asia-Pacific in July. Pakcan was global head of TTS payments and receivables, her latest role in a near 20-year career with Citi that saw her start as an IT project manager in Turkey in 1997 and then hold roles in Istanbul, New York and London. In her latest role, based in London, Pakcan will report to Jim Cowles, Citi’s Emea chief executive, and Naveed Sultan, global head of TTS.

Credit Suisse equity salesman exits
A co-head of equity sales trading at Credit Suisse is the latest senior departure from the Swiss bank’s US equities franchise this year. Chip Clingham left Credit Suisse in October, according to two people familiar with the situation. He could not be reached for comment. Clingham had been with the bank for seven years, having also held senior equity sales trading roles at Deutsche Bank and ABN Amro. He was previously a helicopter test pilot in the US Army.

Euroclear names new chief executive
The European trade settlement giant Euroclear has appointed a new chief executive to succeed Tim Howell, who is stepping down after six years in charge. In a statement issued late on October 31, the group said Lieve Mostrey had been appointed as its new CEO, effective January 1, 2017. Mostrey has been with Euroclear since 2010, when she joined as an executive director and its chief technology and services officer.

Goldman hires Europe equity structuring head
Tom Leake, Deutsche Bank’s global head of equity structuring, is leaving the bank to join Goldman Sachs. He is joining the US bank early next year as head of equity structuring in Europe, the Middle East and Africa, a person familiar with the matter said. Leake joined Deutsche Bank in 2009, working in equity derivatives, after beginning his financial career as a quant in a small hedge fund called JMAS in 2002. He studied physics at Cambridge. Sean Flanagan is stepping up from European head of equity structuring to replace Leake, a person familiar with the matter said. In 2014, at the age of 34, Leake was named among FN’s 40 Under 40 Rising Stars in Trading and Technology.

HSBC brings in former LSE boss for ring-fenced bank
Clara Furse, the former chief executive of the London Stock Exchange, is to chair the ring-fenced retail operations of HSBC. The bank confirmed her appointment in a November 1 statement, in which it said Furse would become non-executive chair of the unit from April 2017 for an initial three-year term. Its ring-fenced bank, to be based in Birmingham, is being set up in response to rules forcing the separation of high street operations from investment banking activities. Furse, who is a non-executive director of Nomura Holdings, Vodafone Group, Amadeus IT Holdings, as well as being the lead independent director at the UK’s Department for Work and Pensions, was CEO of the London Stock Exchange Group from January 2001 to May 2009. During her time at the helm, Furse fended off takeover bids from rivals including Deutsche Börse and Nasdaq OMX, before being replaced by Xavier Rolet. Furse, who was made a dame in 2008, joined the Bank of England’s Financial Policy Committee as an external member in April 2013, following legislation that made the committee responsible for the UK’s macroprudential policy. She was reappointed in March 2016 to serve a second three-year term on the FPC.

ING appoints sustainable markets head from Rabobank
ING Wholesale Banking has hired a head of sustainable markets, according to a statement. Hans Biemans, who has worked at Dutch rival Rabobank for 13 years, takes on the role which is based in Amsterdam. Biemans will be responsible for exploring the green bonds sector for ING. He will report to Leonie Schreve, the head of sustainable finance at ING and Romke van der Weerdt, the bank’s head of capital structuring and liability management.

JP Morgan’s new equities trading chiefs name top team
Eight weeks after taking over as co-heads of JP Morgan’s equities business globally, Mark Leung and Jason Sippel have named their top team, promoting several executives in the process. In a memo sent to JP Morgan staff on November 2, seen by FN, Leung and Sippel announced their senior bench. Fater Belbachir, who had run volatility trading and structuring in the Americas, will take charge of volatility trading globally, and shift from New York to London. Luiz de Salvo and Dennis Fitzgerald, co-heads of cash equities trading in the Americas, will take charge of the business globally in addition to their Americas brief, with Daniel Ciment, global head of equities electronic trading, reporting to them. Paul Brannan, US head of prime brokerage, and his Emea counterpart Jonathan Cossey, have been named global co-heads of that business. Other senior names in the line-up include Nick Rustad, who stays global clearing head, Stephen Davison, who remains in charge of technology governance but will lead a new global analytics initiative at the bank, and David Robertson, who will take charge of international financing including fund-linked products. Chris Berthe and Charles Chang become co-heads of JP Morgan’s global delta one trading business. Patrick Moisy will continue to run JP Morgan’s global capital and funding operations across equities and investor services.

Key Capital Partners promotes executive
SME-focused private equity firm Key Capital Partners has promoted an executive in its Leeds office to the position of partner. James Hall, who joined the fund a year ago, will continue working alongside existing partners Peter Armitage and Owen Trotter. Hall has 17 years’ experience within the sector, having worked at a number of other private equity houses, including Royal Bank Development Capital, Livingbridge and NorthEdge Capital.

KKR hires former Advent dealmaker
KKR has bolstered its European investment expertise with the appointment of a prominent former Advent International dealmaker. Timothy Franks joins KKR as head of consumer and retail for Europe, the Middle East and Africa, according to a statement from the firm. Franks had been a partner and head of European retail, consumer and leisure at Advent International. He also led the launch of Advent’s office in New York in 2010 and helped build up the firm’s North American technology practice, according to the statement. He left Advent on June 30. Franks will replace Brian Carroll, who will retire at the end of 2016, according to a person familiar with the matter.

Morgan Stanley COO to retire
James Rosenthal, Morgan Stanley’s chief operating officer, is retiring, according to a memo reviewed by The Wall Street Journal. Rosenthal will stay on as a senior adviser, according to the memo, whose contents were confirmed by a spokesman for the bank. He joined the firm in 2008 and was its strategy chief in 2011, when he was named COO. In that role, he has helped manage the day-to-day operations of the firm under chief executive James Gorman. The executive has also held senior roles in two banking units that Morgan Stanley owns, through which it takes deposits and makes loans – core banking activities enabled by its conversion during the financial crisis to a regulated bank holding company.

NN Investment Partners hires Robeco fund manager
The Dutch asset manager NN Investment Partners has strengthened its sustainable equity team with the hire of a senior portfolio manager, according to a statement from the firm. Willem Schramade joins the firm from Robeco. He will be focused on impact investment and report to Hendrik-Jan Boer, who heads NN IP’s sustainable equity group. The fund manager first joined Robeco in 2007 and was involved in promoting socially responsible investment at the company. Schramade has also worked for PwC and GE.

Piraeus Bank picks investment banking veteran as chairman
The Greek lender Piraeus Bank has named a new chairman. George Handjinicolaou, who has since 2007 been the deputy chief executive of trade body the International Swaps and Derivatives Association, takes up the role. During his career, the Greek banker has worked at Dresdner Kleinwort Benson, BAML and UBS in both London and New York.

Prudential Financial’s investment arm hire AMG distribution chief
The head of distribution at $ 700 billion Affiliated Managers Group has resigned to become chief executive of a $ 112 billion quantitative manager owned by the US insurer Prudential Financial’s investment arm. Andrew Dyson will in April 2017 join QMA, which had $ 112 billion in assets at the end of June, as chief executive, the firm said in an October 31 statement from PGIM. QMA is a quantitative equity and multi-asset manager. He will report to PGIM chief executive David Hunt. Dyson will take over from QMA’s current chief executive Scott Hayward, who is to step down but will remain at the firm until the end of the year to help with the leadership transition. Parent PGIM manages more than $ 1 trillion.

Sanford DeLand hires mid-cap equities star manager
Rosemary Banyard, a top performing mid-cap equities manager who left Schroders in March, has resurfaced at a Manchester boutique that runs a fund with the best trademark in investing – the UK Buffettology fund. Banyard has joined the four-strong team at Sanford DeLand as investment director, following a 18-year career at Schroders, where she rose to become co-head of the firm’s pan-European mid and small cap team. She managed and co-managed funds collectively worth around £1 billion. Sanford DeLand was founded by managing director Keith Ashworth-Lord in 2010 and was granted the right to use the “Buffettology” name for its fund by Mary Buffett, daughter-in-law of the legendary investor, who has written several books on his investment methods and is an associate of Sanford DeLand.

Sarasin appoints equities head
Sarasin & Partners has hired a head of global equities from Allianz Global Investors. Jeremy Thomas will manage institutional mandates and funds for Sarasin and will also be responsible for managing its team of thematic equity analysts. He will report to head of asset management Subitha Subramaniam. At Allianz GI Thomas managed global and UK equity mandates for over 12 years. Prior to that he worked at Isis Management (now part of F&C) and Schroders.

State Street hires ex-Amundi consultant head
State Street Global Advisors, the $ 2 trillion US fund manager, has hired the former head of global consultant relations at one of Europe’s largest investment firms. The funds unit of US banking giant State Street said in a statement on November 2 that Peter Brackett, who left France’s Amundi in mid-October, will oversee its UK consultant partnerships that work with both defined contribution and defined benefit pensions. A spokeswoman for the asset manager added that this was a new role. Brackett had been with Amundi since June 2014 after joining from American Century Investments, where he had been responsible for building its UK institutional business from 2009.

T Rowe Price investment chief to retire
The chairman and chief investment officer at $ 812.9 billion US-based asset manager T Rowe Price is to retire after 35 years at the firm, with investment oversight split between six senior staff. Brian Rogers, who has been CIO since 2004 and has sat on the board since 1997, will retire at the end of March 2017, T Rowe Price said in a November 1 statement. Rogers will remain on T Rowe Price’s board of directors as non-executive chairman. The firm has appointed six chief investment officers to take up the slack from Rogers. They include Rob Sharps, set to become group investment chief, who will co-ordinate the CIO team and report to chief executive Bill Stromberg.

Warburg Pincus hires dealmaking duo in London
US private equity firm Warburg Pincus has hired two executives to its London office. David Reis, who was formerly the head of technology at ­Goldman Sachs’s merchant banking division in Europe, joined Warburg Pincus in October as a principal in the industrial and business services team, according to a person familiar with the matter. Reis joined Goldman in 2005 and was promoted to managing director in 2015. He worked within Goldman’s direct private investing division, making investments in industrial and technology companies in Europe. The private equity firm has also hired Flavio Porciani as a vice-president in its technology, media and telecommunications team, who joined the firm in October. Porciani previously worked at private equity firm Searchlight Capital Partners for four years and prior to that was an analyst at Blackstone Group.

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