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✨ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨

✨ALL THE LATEST NEWS AND MOVES FROM THE GLOBAL FINANCIAL MARKETS✨

✨LOOK WHO'S MADE THE NEWS WITH THE CITY'S LATEST MOVES✨

These are the latest Global Financial Moves over the past 7 days

Patrick Baker is starting a new position as Co-Founder at Sphinx Bitcoin

Laurie Smith is starting a new position as Global Equity Program Sales/Trader at HSBC

Luke McCabe is starting a new position as Electronic Sales Trader at Kepler Cheuvreux

Harleen Teja is starting a new position as AVP Equity Research at Citi

Jeff Rosen is starting as Chief Operating Officer at Rodeo Lending

Kiran Shah is starting a new position as Equity Sales - TMT at Societe Generale Corporate and Investment Banking - SGCIB

Alexandre Thoniel is starting a new position as VP, Structured Products & Equities, Wealth Management at UOB

James Baugh is starting a new position as Head of European Market Structure at Cowen Inc.

Josh Morris is starting a new position as Associate at Surveyor Capital

Roger Reynolds is starting a new position as Portfolio Manager at Bell Rock Capital Management LLP

Daniel Ross is starting a new position as Head of UK Investment Banking at Deutsche Bank

Matthew Kwan is starting a new position as Corporate Banking Associate at Citi

Fabian Ferdinand Weinstock is starting a new position as Portfolio Manager Small Cap Equities at Berenberg

Rachel Stott is starting a new position as Associate Director, Growth Capital Solutions at Numis

Francis (Frank) Kelly is starting a new position as Lecturer at The Catholic University of America

Sam Elsokari is starting a new position as Advisory Board Member at KiteEdge

These are the latest moves in the City over the past 7 days and this is the ONLY place to receive all of the latest market moves. If you would like to see your name, or your company's new hires featured on here, get in contact and let us know the details.

✨THE TOP NEWS STORIES✨

These are the latest Global Financial News stories within the past month

✨ M&G FINALISES PURCHASE OF $2.5BN AUA SANDRINGHAM FINANCIAL PARTNERS✨ 

M&G has reached a deal with Sandringham Financial Partners to acquire the Huddersfield-based IFA firm for an undisclosed sum. Sandringham has more than 180 IFA partners as part of the firm who look after more than £2.5bn assets under advice for around 10,000 clients. Sandringham will sit within M&G's wealth division alongside its existing advice, platform and investment businesses once the deal completes, which is subject to regulatory approval. M&G Wealth Management is made up of Ascentric - the adviser platform business it acquired last September from Royal London - along with its direct funds arm and two financial advice units, Prudential Financial Planning and The Advice Partnership (TAP). The restructure came less than a year after the completion of M&G's demerger from Prudential, which was finalised in October 2019. "This complements our existing network of advisers with a well-regarded national independent financial advice business," M&G Wealth managing director David Montgomery (pictured) said. "It will accelerate our ability to provide increased advice to more consumers, with a wider range of solutions." He added: "It will also enable us to attract further advisers. We are keen to expand and develop our advisory capabilities to broaden services, be a core part of tackling the advice gap in the UK, and ultimately provide better value and enhanced experiences for our clients." M&G Wealth Management has previously spoken of plans to triple the size of its self-employed adviser partnership business from its current roster of 220 and will transition its traditional Prudential Financial Planning (PFP) operation to a digital offering as part of its push into the wealth management space. Prudential Financial Planning, which has become M&G Wealth alongside its recently-purchased Ascentric platform, employed 350 intermediaries as of April 2021, while the firm's newer, self-employed model The Advice Partnership (TAP) has around 220 on its books. Sandringham CEO Tim Sargisson said the firm will be the "independent part" of a business committed to "significantly increasing" its presence in the financial advice space. "It is business as usual for Sandringham with the compelling opportunity to be part of a strong parent that is committed as much as we are to delivering the best experiences to our clients," he continued. "I look forward to working with future colleagues in M&G Wealth to drive forward these shared goals and ultimately add significantly to the well-being of our clients."

✨ JUPITER ASSET MANAGEMENT HIRES TWO FROM HENDERSON✨ 

Jupiter Asset Management announced today its expanded commitment to the US institutional market to meet rising institutional interest in its strategies. Following a strong initial response, the firm is growing its US effort with the hiring of David Schrock, as head of US Institutional. Mr. Schrock will report to head of US distribution, Taylor Carrington, who established the Denver-based Jupiter office late in 2020. “This is an important strategic initiative for Jupiter and we’re making the necessary investments to be successful,” said Andrew Formica, chief executive officer. “Jupiter’s active alpha-centric platform meets institutional investors’ needs for innovative strategies they can’t get anywhere else.” Jupiter’s selective US offering is built around four high-demand platforms: disruption and innovation, sustainable investing, emerging economies, and lower-correlated income and alternative strategies.

✨HSBC ASSET MANAGEMENT NAMES A NEW GLOBAL FIXED INCOME CIO✨ 

HSBC Asset Management has appointed Michael Cross as its new global fixed income CIO, responsible for leading its fixed income investment platform. Cross, who starts in his new role on 1 September, joined HSBC Asset Management in 2015 as global head of official sector institutions and, most recently, held the position of vice-chair of the institutional business. He succeeds and will report to global CIO Xavier Baraton, and will be based in London. As part of his new responsibilities, Cross will chair the fixed income strategic forum and coordinate its investment outlook, scenarios, risks and themes. As of 30 June 2021, HSBC Asset Management's global fixed income team managed $171bn in assets. Prior to joining HSBC, Cross worked at the International Monetary Fund for more than three years and, before that, spent 20 years at the Bank of England. "With strong credentials in managing fixed income teams, Michael's high calibre profile, fundamental focus and particular specialisation on FX and rates will further support our growing recognition as a leading global fixed income asset manager, complementing our well recognised expertise in credit, Asia and emerging markets debt," Baraton said. "Michael brings a strong client experience which will be decisive in our ongoing efforts to develop innovative, sustainable solutions for our clients globally. "His visibility across the industry and experience in engaging with public sector clients will contribute to further strengthening our relationships with senior decision makers across all client segments."

✨MUBADALA CAPITAL GROWS INTO THE UK✨ 

Mubadala Capital, the investment arm of Abu Dhabi-based sovereign wealth manager Mubadala Investment Co., is preparing to add private-equity professionals to its London office next month on the heels of closing its third fund for the strategy. Antoun Ghanem, a director in the private-equity group who leads Mubadala Capital’s European investment practice, will move to London from Abu Dhabi, according to Adib Mattar, head of private equity. The multistrategy firm also has one private-equity professional in New York. Mubadala Capital’s private-equity investments largely focus on North America and Europe, according to Kevin Kokko, leader of the firm’s New York office and its co-head of private equity and head of business development. “These help us get closer to the markets we invest in and to our investor base,” Mr. Kokko said. The firm opened its New York office in 2019. Mr. Kokko said Mubadala Capital’s private-equity investment professionals in New York and London will number three or four across both offices through transfers from Abu Dhabi and from local hiring. Mubadala Capital has 20 private-equity professionals in its Abu Dhabi headquarters, Mr. Kokko said. Mubadala Investment Co., which has more than $240 billion in assets, established its private-equity strategy in 2008 and set up Mubadala Capital in 2011 to run private-market investments for the sovereign wealth manager. Its strategies also include venture investing, public equities and a fund focused on Brazil.

✨BANKS ARE HIRING BIG IN AUSTRALIA✨ 

Bulge-bracket investment banks in Australia have stepped up hiring to rebuild their depleted teams, after audacious talent raids by boutique rivals in the past year amid record deal-making activity in the country. Most major banks in Australia, including Wall Street firms, have been scrambling to add bankers since the start of the year as part of a campaign to defend their market share against new aggressive boutiques Barrenjoey Capital and Jarden. Credit Suisse, Morgan Stanley, UBS and Australia's Macquarie Group have together hired more than 100 bankers this year, their representatives said, amid hopes that ultra-low interest rates and a recovery from the Covid-19 pandemic will ensure a strong deals pipeline. Australia's deal boom and a surge in investment banking fees – to a three-year high of $1.2 billion in 2021, Refinitiv data shows – are fuelling the hiring rush among banks and start-ups aiming for a juicier share of lucrative mandates. The country has recorded $108.7bn in M&A deals this year, a record high and more than quadruple the level of a year ago, making it the second-biggest market in the region after China. Credit Suisse hired 52 staff in the first half of 2021, a bank spokesman said. The recruitment took place across each of its businesses in Australia, which includes equity and debt underwriting and M&A advisory.

✨CITI HAVE APPOINTED A NEW GLOBAL CHIEF ECONOMIST✨ 

Citi, one of the largest banks in the world, announced on Monday that it has appointed Nathan Sheets PhD, as Global Chief Economist. According to the press release, the executive returns to the bank and will lead the global economics team starting October 2021. Prior to his new role at the bank, Sheets served as Chief Economist and Head of Global Macroeconomics Research at PGIM Fixed Income for the past four years. Moreover, he worked under Barack Obama’s administration as Undersecretary of the US Treasury for International Affairs, and he also worked with the Federal Reserve Board in Washington, DC, for 18 years. About his educational background, Sheets earned a bachelor’s degree in economics from Brigham Young University and a Ph.D. from the Massachusetts Institute of Technology. “It’s great to be back at Citi, and I look forward to once again tapping into the firm’s unmatched global footprint, expansive expertise, and broad network of clients,” said Nathan Sheets. “I am honored by the opportunity to lead Citi’s talented economics team and contribute to a history of world-class thought leadership,” the new Citi’s Global Chief Economist commented.

✨AJ BELL APPOINTS A NEW MANAGING DIRECTOR FOR THEIR INVESTMENT PLATFORM✨ 

AJ Bell has appointed Billy Mackay as managing director of AJ Bell Investcentre, the investment platform for financial advisers. Mackay had worked for the platform for 13 years as marketing director, overseeing its rapid growth in assets under administration, which currently stand at £44.2bn. In his new role, Mackay will take on responsibility for the platform's development roadmap, distribution and adviser service proposition, in addition to his existing marketing responsibilities. He will take over from the current managing director of AJ Bell Investcentre, Fergus Lyons on 1 October, as Lyons moves into an advisory role. In this new capacity, Lyons will oversee and support the development of Touch by AJ Bell and its future growth in the adviser market. This will be a simplified platform proposition for financial advisers delivered via a mobile and tablet app, which is being led by Dave Tanner as managing director. Andy Bell, chief executive of AJ Bell, said: "Billy has been an integral part of AJ Bell Investcentre's growth over the past 13 years and will be familiar to many adviser firms. This appointment is part of a long-planned succession strategy and is a natural step for Billy and the business. "I'd like to take this opportunity to thank Fergus for the huge contribution he has made to the growth of AJ Bell over the past 21 years and I'm looking forward to continuing to work with him on the launch and development of Touch by AJ Bell." Mackay added: "It is a huge honour for me to be taking on the managing director role of AJ Bell Investcentre. I've been very fortunate to work closely with Fergus and Andy over the last 13 years. "Everyone at AJ Bell Investcentre has worked tirelessly to create a platform that never stands still, driving growth with strong momentum in terms of users and asset flows. I'm looking forward to leading the team in the next phase of this journey."

✨CREDIT SUISSE WANTS SOME MORE RISK PROFESSIONALS ON THE BOARD✨

Credit Suisse wants to appoint two risk experts to its non-executive board, Switzerland's second biggest bank said on Friday, as it seeks to repair the damage caused by the Archegos and Greensill affairs. New Chairman Antonio Horta-Osorio has made risk and cultural change a top priority after the bank lost more than $5bn in the rush to unwind trades by family office Archegos and the collapse of $10bn in funds backed by insolvent supply chain finance firm Greensill Capital. Credit Suisse has proposed former UBS executive Axel Lehmann to join its board and become chairman of its risk committee. The Swiss executive has a "a wealth of experience in risk management," the bank said. It also proposed Juan Colombas, who has been an executive director and member of the Audit and Risk Committees at Dutch bank ING Group since 2020. The bank has called an extraordinary general meeting on Oct. 1 for the pair to be elected to its non-executive board. "With their deep experience in risk management and business leadership, and both with careers spanning approximately three decades in financial services, they will make an invaluable contribution as we shape the bank’s strategic realignment and enhance our culture of risk management and personal responsibility and accountability," said Horta-Osório in a statement. 

✨COINFUND HAS NAMED A NEW MANAGING PARTNER✨

CoinFund, a blockchain-focused investment firm, hired Christopher Perkins from Citigroup Inc. as managing partner and president to help bridge the gap to the traditional finance sector. At Citigroup, Perkins was global co-head of the futures, clearing and foreign-exchange prime brokerage businesses. At CoinFund, he’ll work with employees and institutional investors to help narrow the divide between crypto investing and traditional equities, the company said in a statement Thursday. “Chris Perkins will play a key role in driving institutional scale to further position CoinFund as a major global investment manager at the intersection of crypto and traditional finance,” Jake Brukhman, CoinFund’s founder and chief executive officer, said in the statement. “Chris joining CoinFund is not only a major milestone for our firm, but is also indicative of a broader trend as Wall Street turns its attention to the opportunities within the blockchain-technology space.” Wall Street began experimenting with blockchain about five years ago, with banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. now offering clients various digital-asset services. CoinFund, founded in 2015 and based in Brooklyn, New York, invests in venture and liquid blockchain opportunities with a focus on digital assets, decentralization technology and infrastructure.  

✨BANK OF AMERICA IS GIVING JP MORGAN A RUN FOR THEIR MONEY IN APAC INVESTMENT BANKING✨ 

Bank of America Corp. is catching up to its biggest rival, JPMorgan Chase & Co., in investment banking in Asia-Pacific as a three-year rebuild of the business with a focus on winning big deals starts paying off. The Charlotte, North Carolina-based bank has closed a “significant gap” to the third-ranked JPMorgan in fees generated in Asia Pacific, placing right behind it, Peter Guenthardt, the firm’s co-head of investment banking in the region, said in an interview. “We’re pretty much neck-and-neck,” he said, declining to give specific details. The moves in Asia align with a global ambition outlined by Matthew Koder, head of global corporate and investment banking, to become top three in industry rankings for every sector, region and product. In the second quarter, the bank earned a record $2.1bn in investment banking fees, the third-highest globally. Investment banking now contributes about 15% to Bank of America’s overall business in Asia, doubling from three years ago, according to people familiar with the details, who asked not to be named discussing internal matters. That comes at a time when dealmaking is booming while low interest rates put pressure on other areas of banking. Guenthardt said the bank has “significantly” increased the number of “outsized fee events,” including working on initial public offerings in Hong Kong for Baidu Inc. and Kuaishou Technology. Its Asia-Pacific investment-banking revenue has grown to about $700mn, according to the people familiar. The division’s headcount in the region reached about 300 after it recruited more than 70 bankers this year, including recent graduates, the people said. Goldman Sachs Group Inc. and Morgan Stanley each have more than $1bn in revenue, excluding Japan, the people said.

✨ROBECO HAS APPOINTED A NEW HEAD OF SUSTAINABLE INVESTMENT RESEARCH✨ 

Sustainable investment specialist Rachel Whittaker is returning to Robeco to lead its expanded sustainable investment research team in Zurich. Whittaker will join as head of the team from UBS and will be supported by researchers Giulia Schettino, Ally Wong and Federico Silvano. Schettino and Wong are moving from UBS, while Silvano previously worked for Allianz Global Investors. Whittaker, who will be based in Zurich, has over 20 years of industry experience. She joins Robeco from UBS, where she was an sustainable investment strategist in the CIO office of the global wealth management arm. Having worked for Robeco from 2015 to 2017, her new role as head of sustainable investment research will see her return to lead a growing international team of research analysts. The team's responsibilities include identifying the impact ESG has on business fundamentals, increasing and broadening sustainable investment sector knowledge and further developing the SDG framework for mapping and measuring SDG contributions across all investment portfolios. Carola van Lamoen, head of sustainable investing at the Dutch asset manager, said: "Robeco has a leading position in SI and SI Research is a key component in our investment process. That leading position enables us to attract world-class experts, and we are excited that with these professionals on board we will be broadening and diversifying the team, further strengthening our research capabilities and contributing to better-informed investment decisions for our clients." Schettino will be covering Robeco's TMT FiRe (technology, media and telecom, financials and real estate) SI research cluster, while Wong and Silvano will join the firm's heavy industries cluster.

✨DEUTSCHE BANK HIRES A COUPLE FOR HEALTHCARE INVESTMENT BANKING TEAM✨ 

Deutsche Bank AG has hired two new managing directors for its healthcare investment banking team in the United States, as the bank looks to double down on healthcare dealmaking. Spencer Watts and Helen Oesch, both veterans in the sector, will join the bank from Nomura Holdings Inc and Bank of Montreal, respectively. They will be based in New York. "We've been building out our coverage and capabilities, by hiring senior bankers to strengthen our existing presence in U.S. Healthcare Services & Technology," Nick Richitt, the lender's global co-head of healthcare investment banking, said in the memo on Tuesday. Deutsche has made 10 new hires in the division so far this year, including the appointment of Priyanka Verma, an industry expert who has worked with clients including Thermo Fisher and KKR & Co, as managing director. Watts, who is joining this month, has previously held roles in the healthcare investment banking division of UBS Group AG, according to his LinkedIn profile. Oesch is set to join in October and was earlier a director at Credit Suisse for nearly eight years. The new appointees will report to Richitt.

✨WELLS FARGO HIRES TOP INVESTMENT BANKER FROM CREDIT SUISSE✨ 

Wells Fargo Strategic Capital, the bank's principal investing division, has hired a too tier banker from Credit Suisse. Inessa Even, who previously led strategic investments in financial technology for Credit Suisse's investment bank, joined Wells Fargo Strategic Capital principal technology investments (PTI) group as a director. Even will help lead the bank's equity investments in private companies working in capital markets and wealth management. Her role will also include sourcing venture-capital and private-equity transactions, and managing Wells Fargo Strategic Capital's existing portfolio of companies that includes Vestwell, Forge, and Memx, the spokesperson added. At Credit Suisse, Even was tasked with handling the investment bank's fintech investments and partnerships. Prior to Credit Suisse, she held similar roles in strategy and development at Bank of America Merrill Lynch. 

✨CREDIT SUISSE PAYS OUT A FURTHER $400MN TO FUND INVESTORS✨ 

Credit Suisse has repaid another $400mn to investors in its Greensill-linked supply chain finance funds, the Swiss bank said. The collapse of the funds in March kicked off a tumultuous period for the bank, culminating with a multi-billion dollar loss related to investment fund Archegos, a raft of executive oustings and an impending strategic overhaul. The payout, originally announced with the bank's second-quarter earnings last week, is the fourth distribution so far and takes the total amount returned to the investors to roughly $5.9bn. Together with cash that has already been distributed and cash remaining in the funds, the cash position is equivalent to approximately $6.6bn or 66% of the funds' assets under management at the time of their suspension, the bank added. The lender also said it was paying back money to investors in four separate Credit Suisse funds that were invested in supply chain funds that had illiquid assets. These assets, hived off into so-called side pockets, are now being liquidated with shareholders receiving a payment pro rata to their holding on August 10. The amounts involved are much smaller than in the main payout. In March and April, $4.8bn was returned to investors in the Greensill-linked funds in two instalments, while another $750mn was returned in July. "Liquidation proceeds will be distributed as soon as feasible until the investors receive the funds' total net collected liquidation proceeds," Credit Suisse's asset management arm said.

✨CRYPTO EXCHANGE CEO STEPS DOWN AFTER THREE MONTHS✨ 

Brian Brooks, executive of the U.S. arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role. The former U.S. banking regulator and crypto enthusiast is resigning at a time when regulators in Hong Kong, Britain, Germany, Japan, Italy and Thailand have cracked down on Binance due to worries over investor protection. Watchdogs globally also fret that the boom in cryptocurrencies is aiding money laundering and increasing systemic risks. "Letting you all know that I have resigned as CEO of ⁦⁦BinanceUS," Brooks wrote on Twitter. "Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!" Headed by Canadian Changpeng Zhao, Binance offers a wide range of services globally, from crypto spot and derivatives trading to tokenised versions of stocks, as well as its own cryptocurrency, Binance Coin. "Brian's work for Binance.US has been invaluable and we hope he will continue to be an integral part of the crypto industry’s growth, advocating for regulations that move our industry forward," Zhao Tweeted on Friday. Britain's financial watchdog has barred Binance from carrying out regulated activities in the country. Japan's regulator has said Binance was operating there illegally and Germany's watchdog has warned it risked fines for offering tokens connected to stocks. In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities. Responding to regulatory pressure, Binance has curbed some services on cryptocurrency bets, highly leveraged positions and trading with tokens linked to shares, and has pledged to beef up its compliance staffing.

✨CANTOR FITZGERALD CHIEF TAKES AIM AT U.S. RATES MARKET✨ 

Howard Lutnick shook up Treasuries trading in the 1990s, and now he wants to take another crack at it, this time in the market for futures linked to U.S. government debt. The billionaire, speaking on BGC Partners Inc.’s earnings conference call Wednesday, said he plans to create a futures exchange to take on CME Group Inc.’s dominant franchise for interest-rate derivatives. Lutnick is chairman and chief executive officer of BGC, a broker affiliated with Cantor Fitzgerald LP.

✨CREDIT SUISSE GROWS IN AUSTRALIA✨ 

Credit Suisse continues to strengthen its investment bank in Australia with the latest addition to its consumer, retail and healthcare team, finews.asia has learned. Karla Wynne joins Credit Suisse’s investment banking and capital markets (IBCM) unit in Australia as a director in the consumer, retail and healthcare team. In her new role, effective November this year, she will work closely with Daniel Rana, also a director in the consumer, retail and healthcare team. Wynne has 16 years of investment banking experience across M&A and capital markets. She was most recently the head of strategy and investor relations at Viva Energy. Previously, she spent seven years with Bank of America leading its equity capital markets team. Credit Suisse's investment bank in Australia also recently hired Brett Ryman as a director in its financial institutions group.

✨RWC PARTNERS APPOINTS A NEW CHIEF EXECUTIVE OFFICER✨ 

RWC Partners’ Dan M. Mannix is set to leave the firm after more than eight years as CEO and will be replaced by head of business development Tord Stallvik. While the date of Mannix's departure has not been made public, Investment Week understands he will remain for a short period to ease the transition. His replacement, Stallvik, joined RWC Partners in 2015 after it acquired Everest Capital, where he was senior managing director. Stallvik, who is also a member of RWC Partners' executive team, was previously president of Protégé Partners and has over 25 years of industry experience. Having previously served as head of business development between 2006 and 2013, Mannix has overseen significant growth at RWC Partners. Under Mannix, the firm has been particulary active over the last 12 months, having won new mandates and made a series of new hires, including BNY Mellon Investment Management's Nick Clay and his equity income team. He joined RWC Partners after six years as head of UK wholesale at JP Morgan Asset Management, and is also currently a member of the New City Initiative's advisory board and of the Investment Association's business forum.

✨RAYMOND JAMES TO ACQUIRE CHARLES STANLEY GROUP✨ 

US investment bank Raymond James has agreed to buy 229-year-old UK wealth manager Charles Stanley Group for £278.9mn. If the deal is approved by shareholders, Raymond James will pay 515 pence per share, a 43.5% premium to Charles Stanley's closing price on Wednesday. Charles Stanley is one of the oldest firms on the London Stock Exchange. 

✨LIBERUM MAKES BIG HIRE FROM PEEL HUNT✨

Liberum Capital has hired a senior dealmaker to fill the role exited by Bidhi Bhoma, who was promoted to its chief executive last year. Nicholas How is joining its investment banking team to lead its coverage of support services and industrials. This role was previously held by Bhoma, until he took over as chief executive of Liberum in September last year. How joins from broker Peel Hunt, where he led its industrials and business services division, and has also worked for Stifel and Dresdner Kleinwort during a 20-year banking career. Bhoma was elevated to chief executive of Liberum in September last year after its founder, Shane Le Prevost, stepped back from the top job to focus on the strategic direction of the firm, rather than day to day management. Le Prevost founded Liberum in 2007. 

✨CREDIT SUISSE NAME NEW LEAD OF GLOBAL MEDIA & ENTERTAINMENT INVESTMENT BANKING✨ 

Credit Suisse Group AG has hired Aly Alibhai away from Citigroup Inc to lead its global media and entertainment investment banking group, one of its most high-profile hires as it seeks to recover from a slew of departures. Alibhai will join Credit Suisse in New York after spending 16 years at Citigroup advising media and communications clients. The Swiss bank suffered a 41% fall in investment banking revenue in the second quarter, after its lending exposure to troubled investment fund Archegos led to a $5.5bn loss. A string of investment bankers not involved in the debacle jumped ship as a result, concerned about the financial and reputational fallout for the bank, including its head of global mergers and acquisitions group Greg Weinberger. Weinberger left Credit Suisse for Morgan Stanley. Alibhai’s recent clients include Fox, Sony and Warner Music Group. He is expected to start next week, according to the memo sent by global co-head of media and telecom Giuseppe Monarchi. Credit Suisse said it had hired HSBC banker Orazio Tarda to co-lead its global financial technology investment banking coverage.

✨CREDIT SUISSE HIRES A NEW HSBC FINTECH BANKER✨ 

Credit Suisse has hired HSBC banker Orazio Tarda to bolster its financial services coverage and beef up its senior ranks after a swathe of departures, investigations and divisional reshuffles. Italian-born Tarda will become the Swiss lender’s global co-head of fintech, according to market news, after leading HSBC’s fintech franchise since 2018 in a career spanning 16 years at the bank. Tarda will also join Credit Suisse’s client advisory group in Europe, the Middle East and Africa as part of the bank’s efforts to increase M&A revenue and market share. A seasoned dealmaker who started his career at Lehman Brothers in 2001, Tarda has advised on a series of high profile payments transactions including Nexi’s transformational mergers with Nets and SIA last year. Tarda’s appointment, which will be effective in November, comes after a recent 41% fall investment banking which showed the broader impact of the Archegos and Greensill scandals.

✨GOLDMAN SACHS FIRST YEAR PAY INCREASES✨ 

Goldman Sachs has become the last of the big investment banks to raise salaries for junior staff in response to complaints about burnout from new recruits caught in a dealmaking boom during the pandemic. First-year analysts will now earn a base wage of $110,000 (€92,580), rising to $125,000 in their second year, according to people familiar with the decision. Those at the more senior associate rank will receive a boost to $150,000. The increases mean that Goldman will have one of the most generous starting pay packages in the industry. The figures do not include annual bonuses, which can be multiples of salaries in buoyant years. There has been a fierce internal debate about pay at Goldman. Some top executives have argued that boosting junior salaries, which are fixed and cannot be easily reduced, could set a “dangerous precedent” and attract “mercenaries”. But the bank’s hand has been forced by its rivals as well as concerns that it could lose its most promising junior staff to private equity or tech groups, which offer comparable pay and often a better work-life balance. Morgan Stanley informed its new analysts last week that they would earn $100,000 a year, with second-year analysts taking home $105,000 – up from $85,000 and $90,000 respectively. This follows rises ranging from $15,000 to $25,000 a year at JPMorgan Chase, Barclays, Citigroup, Bank of America and others, which also now pay about $100,000 to new starters. Credit Suisse and Jefferies have also offered younger staff perks such as a one-off “lifestyle” bonus and a free Peloton exercise bike. The issue of burnout among younger employees became particularly sensitive at Goldman after a group of first-year staff spoke out about the effect of gruelling hours on their mental health.

✨LAZARD HAS MADE TWELVE HIRES✨ 

Lazard is continuing to hire senior dealmakers amid an M&A boom that has pushed the independent investment bank to a record second quarter. The bank has made around 12 senior hires that have yet to be unveiled. Lazard is in the midst of a recruitment spree. The bank has unveiled profits of $123m for the second quarter of 2021, up by 68% on the same period last year. Revenues were $821m, up by 51%. Staff compensation costs at the bank are up by 37% to $874m in the first half of 2021, signalling a potential bumper year for bonuses. The record start to the year has brought in $60bn of investment banking fees across the industry, according to data provider Dealogic.

✨T. ROWE PRICE HAVE PPOINTED A NEW CHIEF EXECUTIVE OFFICER✨ 

T. Rowe Price Group, one of the world’s largest fund managers with $1.62trn in assets, replaced its chief executive officer after just five years and named a company insider to take over the post. President Rob Sharps will succeed Bill Stromberg, who plans to retire on Dec. 31 after 35 years at the company, according to a statement. Sharps will become chair of the management committee, join the company’s board and remain president. A heavyweight in retirement savings, T. Rowe Price has primarily focused on actively managed U.S. mutual funds at a time when index-tracking products like exchange-traded funds are attracting increased investment. Sharps will face the challenge of proving the company can still grow and adapt against that backdrop. Competition over investment management fees and pressure from passive funds are among the top issues confronting the company, Sharps, 50, said in a phone interview. “This is a series of challenges that aren’t really new to us, that are established,” Sharps said. He’s also taking the helm at a singularly uncertain time as CEOs grapple with returning employees to offices after more than a year of remote work during the Covid-19 pandemic. Stromberg, 61, said in April that T. Rowe Price would bring U.S. employees by Sept. 13, with some additional flexibility. “It certainly is a strange moment,” Sharps said. “The lesson I would take away is that all enterprises have had to step up and evolve. I feel fortunate that T. Rowe had a strong culture coming in.” T. Rowe Price fell 2% to $198.84 at 10:29 a.m. in New York trading. The shares have gained 34% this year. Along with promoting Sharps, Eric Veiel was named global head of equity and Josh N. head of U.S. equity. Céline Dufétel, who has been chief operating officer, chief financial officer and treasurer, will leave at the end of the month for a leadership position with a fintech company, T. Rowe Price said. Head of finance Jen (Benson) Dardis will become CFO and treasurer and join the management committee. Dufetel’s COO responsibilities will transition on an interim basis to Robert Higginbotham, CFA, a member of the management committee. “I have enormous confidence in Rob and in our full leadership team,” said Stromberg, who will retire as he reaches his sixth anniversary in the CEO role. “The readiness of that group gives me confidence now is a good time to step away.”

✨ALLIANZ GLOBAL INVESTORS APPOINT A NEW CHIEF INVESTMENT OFFICER OF SYSTEMATIC EQUITY✨ 

Dr. Michael Heldmann, CFA will become chief investment officer for systematic equity at Allianz Global Investors in August, taking over from co-CIOs Benedikt Henne and Dr. Klaus Teloeken, who will retire over the course of 2022. Heldmann has been part of the systematic equity team at Allianz Global Investors for over 14 years and will be based in Frankfurt. He will report to Virginie Maisonneuve, CFA, MBA, global equity CIO. Maisonneuve said:"Michael has played an instrumental role in the team's growing use of artificial intelligence based technologies and signals, as well as leading AllianzGI's factor research in the US. Having led the implementation of the Genie platform, AllianzGI's proprietary equity portfolio decision support system, he will play a crucial role in developing our client offering in systematic equity at AllianzGI. "We would like to express our thanks to Benedikt and Klaus for their invaluable contributions in establishing Systematic Equity as a cornerstone of AllianzGI's Equity offering." Heldmann established and led the US operations of the team from 2015 and was named CIO best styles US in 2018. He has previously held a lead portfolio management position while working in both Frankfurt and the US, and for some of AllianzGI's largest mandates and most important clients. Heldmann joined the systematic equity team at AllianzGI in 2007, and previously managed Best Styles Emerging Markets and Best Styles Europe Equity products. Prior to joining AllianzGI, he worked for the international laboratory CERN, Geneva, Switzerland as a researcher in the field of particle physics. He will continue to manage portfolios in his role as CIO and will relinquish the management of the US focused strategies to Rohit Ramesh, who currently acts as deputy PM for these strategies, over the course of July 2021.

✨CREDIT SUISSE'S CHIEF RISK OFFICER TO STEP DOWN✨ 

Credit Suisse Group AG’s Ralf Hafner, who served as chief risk officer for the firm’s investment bank, will leave after the bank’s probe into its Archegos Capital Management disaster faulted employees for not acting on warning signs before the family office’s collapse. Hafner joined Credit Suisse last year after more than two decades at Goldman Sachs Group Inc. A report prepared by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP concluded while the bank’s systems identified the risks, they were “systematically ignored” by a prime services unit with a “lackadaisical attitude toward risk.” The report, which didn’t name individuals, said the investment bank CRO didn’t appear to escalate issues around Archegos to his boss. The report noted that the investment bank’s risk chief also served that same role for the international business, which may have diverted his attention prior to Archegos’s default. Credit Suisse’s $5.5bn loss from the March collapse of Archegos far surpassed that of any other bank and forced it to cut its dividend, pause share buybacks and raise capital.

✨BARCLAYS HAVE BEAT THEIR SECOND QUARTER PROFIT FORECASTS✨ 

Barclays beat second-quarter profit expectations on Wednesday and boosted returns to shareholders, with its investment banking and equities businesses posting record incomes. The British lender posted a quarterly attributable profit of £2.1bn ($2.9bn), up from £90mn for the second quarter of 2020. Analysts had expected net reported income of £1.7bn for the three months until the end of June, according to Refinitiv data. Equities and investment banking fees were up 38% and 27%, respectively, in the second quarter. Barclays also announced increased capital distributions to shareholders, with a half-year dividend of 2 pence per share and a further share buyback of up to £500mn. The bank has also seen a significant reduction in credit loss provisions, as outlined in its first-quarter earnings report, and managed to release nearly £800mn from its credit impairment provisions as opposed to the £1.6bn charge incurred for the same period of 2020. “Our profitability, strong capital position and balance sheet have enabled us to increase capital distributions to shareholders,” CEO Jes Staley said in a statement, adding that the bank is seeing a resurgence in activity across its businesses. “Our CIB (corporate and investment banking) business is well-positioned to benefit from continued growth in debt and equity capital markets, with Global Markets and Investment Banking fees income up 36% since 2019, and our strong retail businesses are poised to support and benefit from a consumer recovery.”

✨CEO OF SANLAM WEALTH DEPARTS✨ 

John White, CEO of Sanlam Wealth left the business yesterday (27 July) after four and half years, a spokesperson for the company confirmed. Jonathan Polin, CEO of Sanlam UK, will become interim head of Sanlam Wealth. White joined Sanlam from Arthur J Gallagher, where his roles included head of financial planning. Prior to that he was head of financial services for both Robson Rhodes, now Grant Thornton, and Tenon, now RSM. Sanlam Wealth is comprised of the firm's advice network and wealth management arm. White is currently on the board of the Personal Finance Society, a position the group have confirmed he will retain.

✨CHURCH HOUSE INVESTMENT MANAGEMENT APPOINT A NEW CHIEF EXECUTIVE OFFICER✨ 

Church House Investment Management has appointed joint CIO Jerry Wharton as chief executive officer as current CEO, James Mahon, has decided to step back. Mahon, who has led the business for 11 years, will remain as joint chief investment officer alongside Wharton, and will stay on the company's board. He will also continue to co-manage the Tenax Absolute Return Strategies fund. He will also be actively involved in the running of the range of UK and Global Equity funds and private client portfolios. Wharton, who joined Church House in 2004, will be responsible for leading the strategic development of the business. Elsewhere, Roger Davis, who is currently operations director, will take up the role of managing director and responsibility for the day-to-day management of the business. The changes will take effect from 1 January 2022. Mahon said: "It has been a great privilege to have led Church House for the past 11 years." "First and foremost, I am proud of our record of consistent risk-adjusted returns for our clients through some difficult times." He added the business is "now at a scale where the time for a new team to take over" and is confident that under the new leadership "Church House will continue to go from strength to strength".

✨BARCLAYS HAVE NAMED A NEW CO-HEAD OF MERGERS AND ACQUISITIONS✨ 

Barclays has appointed Omar Faruqui as co-head of its mergers and acquisitions (M&A) franchise in Europe, the Middle East and Africa as part of a leadership shake-up to ride a wave of deal-making activity in the post-COVID world. The British bank said that Faruqui will share the leadership of its EMEA M&A business with Pier Luigi Colizzi, who recently took on an expanded role as head of Barclays' investment banking for continental Europe. Faruqui, who joined Barclays in 2018 from HSBC to jointly run UK M&A with Derek Shakespeare, is one of the most senior dealmakers within the firm. The power sharing structure will allow Barclays to lead its M&A operations in EMEA from London - where Faruqui is based - but also from the continent with Colizzi recently relocating to Milan. As part of the new structure, Shakespeare - an 11-year old Barclays veteran - will become chairman of UK M&A focusing purely on advising British companies and deepening relationships with new clients. He will also retain his responsibilities as head for financial institution group (FIG) M&A in EMEA. "These appointments reflect our focus on EMEA and, in particular, the M&A opportunity in the region," said Reid Marsh, head of investment banking for Europe, Middle East and Asia Pacific, who announced the new roles alongside the bank's global head of M&A, Gary Posternack. In a bid to strengthen its sector coverage the bank has also promoted Pat Guerin, who focused on sell-side M&A primarily for technology and media clients, to head TMT M&A for EMEA. Previously, it revamped the leadership of its European hubs with the appointments of Anthony Samengo-Turner for Germany, Austria and Switzerland and Gauthier Le Milon for France, Belgium and Luxembourg.

✨TILNEY SMITH & WILLIAMSON HIRES FOR INVESTMENT MANAGEMENT✨

Tilney Smith & Williamson has hired James Green as investment manager and Justine Harper as executive account manager, both of whom have joined from Sandaire. Green, who had spent more than five years at the multi-family office, previously focused on managing multi-asset portfolios for charities and HNW. He has also recently obtained the CFA certification in ESG investing. Harper, who spent eight years at Sandaire as a senior operations manager, is a member of the Chartered Institute for Securities and Investment. In her new role, she will work alongside investment managers on more complex mandates, often reporting in non-sterling currencies. Philip Todd, director at Tilney Smith & Williamson, said: "I am very pleased to welcome James and Justine to the team. Both individuals have a considerable amount of industry experience which I know will be a great asset to our growing investment management business and our clients." "James's CFA certificate in ESG investing made him stand out as a candidate, given ESG is so important to our approach to investing. Justine has a wide range of industry expertise and qualifications, including the CISI in global operations management." Green said he is "excited to join such a well-regarded and fast-growing firm". "I am passionate about helping clients to meet their financial goals while reflecting their ethical preferences in their investments," he added. "I look forward to helping the team to continue to deliver good risk-adjusted returns to clients."

✨JP MORGAN HAVE APPOINTED A NEW CHIEF MARKETING OFFICER✨

 JPMorgan Chase & Co has hired consumer industry veteran Carla Zakhem-Hassanas its chief marketing officer (CMO). Hassan will start with the bank in early October, after a three-year stint with rival Wall Street firm Citigroup Inc. she became Citi's first global CMO in September last year and helped with new product launches like the Citi Custom Cash Card. The new marketing head has also held executive roles at Kellogg Co and PepsiCo.

✨CREDIT SUISSE LOSES ANOTHER SENIOR BANKER✨ 

Credit Suisse Group AG banker Homan Milani has resigned, the latest in at least 30 senior departures. Milani is set to join Bank of America Corp. San Francisco-based Milani was most recently head of West Coast internet investment banking at the Zurich-based lender. He joined Credit Suisse in 2017, Finra records show, after working at Guggenheim and Goldman Sachs Group Inc. He was later promoted to managing director. His exit follows that of a trio of his colleagues, who left earlier this month to join RBC Capital Markets. The defections have continued to mount after the Swiss lender took losses tied to Archegos Capital Management and Greensill Capital.

✨CITI NAMES NEW HEAD OF INDIAN INVESTMENT BANKING✨ 

Citigroup has appointed Rahul Saraf as the head of its Indian investment banking unit, according to market intel. Saraf joined Citi in 2005 and has been a managing director in the investment banking unit, the statement said. He will report to Ravi Kapoor, head of the banking, capital markets and advisory unit for Citi South Asia.

✨BARCLAYS HIRE NEW VICE CHAIRMAN OF EUROPEAN INVESTMENT BANKING FROM SOCIETE GENERALE✨ 

Barclays has poached Laurent Meyer from French rival Societe Generale to become Barclays' new vice-chairman for its European investment banking arm. Barclays on Thursday said that Meyer would focus on driving revenue growth for the investment banking business in Europe, with a focus on delivering mergers and acquisitions (M&A) and Equity Capital Markets advice to clients in France and Europe. Meyer had spent the past 23 years at SocGen, where he was most recently a senior banker in charge of covering and developing relationships with a large portfolio of global strategic clients.

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