Finance

Deutsche Bank poaches BNP Paribas’ co-head of corporate broking

The co-head of corporate broking at BNP Paribas, who joined the French bank to launch the unit in 2018, is leaving for a senior role at Deutsche Bank.

Lewis Burnett, who co-heads BNP Paribas’ corporate broking unit alongside Andrew Forrester, is set to join the German lender, according to people familiar with the matter. He will lead Deutsche Bank’s corporate broking unit, they added, replacing Matt Hall who left for Credit Suisse in April.

BNP Paribas’ established a corporate broking unit in 2018 by poaching Forrester and Burnett from Credit Suisse as part of a broader push into equity capital markets in Europe. The ECM unit, run by Andreas Bernstorff in the region, is aiming to disrupt the current dominant players and has been hiring, latterly taking on Goldman Sachs veteran Christoph Heuer as head of capital markets for Germany and Austria. 

READ Deutsche Bank kicks off hiring spree after 18,000 job cuts and retreat in key units

Deutsche Bank has also been hiring for its European ECM team. In May it poached 20-year Credit Suisse veteran Stephane Gruffat to become co-head of equity capital markets and head of equity syndicate for Europe, the Middle East and Africa.

Deutsche Bank declined to comment, as did BNP Paribas.

Corporate broking is a uniquely City phenomenon where bankers look to offer advice to the C-suite of UK public companies, often for a marginal fee, with one eye on more lucrative investment banking work down the line.

Burnett joins Deutsche Bank at a competitive time in the industry, with the Covid-19 pandemic spurring a churn of clients between advisers, Financial News reported.

Citigroup, which is building its UK investment banking unit, acquired six FTSE-100 clients last quarter, and is aiming to further bolster numbers, while HSBC is looking to increase broking clients amid a broader UK push.

Deutsche Bank has typically focused on FTSE-100 clients, aiming for transactional activity, rather than racking up clients. It currently has 15 corporate broking clients, according to data provider Adviser Rankings, including luxury car manufacturer Aston Martin, and home improvement chain Wickes. BNP Paribas has amassed three broking clients since its launch, including budget airline group EasyJet.

BNP Paribas currently ranks ninth by ECM revenue in Europe, the Middle East and Africa, according to data provider Dealogic, with $153.6m, ahead of Deutsche Bank in 10th spot. 

To contact the author of this story with feedback or news, email Paul Clarke

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