Goldman loses European dealmaker as boutiques circle prestige banks

Goldman Sachs executive director Benjamin Rouach is set to join boutique advisory firm Fenchurch, Financial News has learned.

Rouach will start at the firm on 26 July, and marks the latest mid-level departure from the financial institutions group of a major bank. Rouach had been with Goldman since 2018 following a seven-year stint with Morgan Stanley, working on M&A and capital market transactions across Europe.

Jefferies notably hired six FIG bankers from Credit Suisse earlier this year, as further moves could spell a trend away from more prestigious brands to smaller independent rivals as tough working conditions continue to take their toll during the pandemic.

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The moves comes on the back of investment in Fenchurch from French asset manager Natixis, which has held a 51% stake in the firm since 2018, driving plans for increased work on the continent from the adviser, which would require a financial institutions specialist covering France specifically, rather than a given sector as Fenchurch staffers typically do.

Rouach will support coverage in France and wider Europe.

Formed in 2004, Fenchurch now employers some 40 or so senior bankers, with five senior managing director led by former Credit Suisse MD Malik Karim.

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The firm has taken a leading role in deals in the asset management sector under former Morgan Stanley executive director Vincent Bounie. It has advised on transactions including Legal and General’s sale of its retail investment platform Cofunds, Architas’ deal for its investment business with Liontrust, Rathbones’ acquisition of fellow wealth manager Saunderson House, Jupiter’s merger with Merian, and Lloyds Banking Group’s takeover of Embark, a deal which sources tell Financial News could be imminent.

Fenchurch was running at around 20 transactions a year prior to the pandemic, but has executed 22 in the past 12 months as dealflow continues to hold up during the coronavirus pandemic.

To contact the author of this story with feedback or news, email Justin Cash

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