Finance

Trading Places: BNP Paribas promotes PE banker, Nomura’s hiring spree

Private equity and junior bankers were in the spotlight this week, as investment banks reported earnings that showed they are raking in record fees, and buyout merchants received promotions and were tapped up by rival firms.

French lender BNP Paribas promoted senior dealmaker Bertrand Valet to lead its financial sponsors coverage in Europe. He will report to Sandrine Ferdane, global head of financial institutions. Valet will be spending more time in London, as his previous role had him covering firms on the continent.

Nomura is kicking off a hiring spree for 50 analysts and associates before the end of this year. The Japanese bank is bolstering its junior ranks under new global boss Jeff McDermott, according to people familiar with the matter.

Junior bankers in particular are in demand as workloads increase. Huge salaries and perks like free Pelotons still aren’t containing widespread burnout in the industry, a report by Financial News this week showed. Citigroup chief executive Jane Fraser encouraged her staff to “take time to breathe”.

The hiring of two new partners at Kirkland & Ellis from Freshfields last week marks a changing of the guard in the US law firm’s London private equity team. Keir MacLennan and Vincent Bergin are making the move in Kirkland’s latest raid on the Magic Circle law firm. They will join as full share partners at the bottom of the equity ladder, which starts north of $2m, according to two people familiar with the matter.

As demand for green investment intensifies, UK-listed asset manager Schroders announced several appointments and promotions within its global sustainable investment team.

Margot Von Aesch was named head of sustainable investment management. She joined from Redburn to take up the newly created role, which will incorporate research, development of sustainable investment models and analysis.

She is joined by Angus Bauer, also from Redburn, who will take up the position of sustainability analyst. Meanwhile Kimberley Lewis, who joined Schroders last year from Federated Hermes, will lead the asset manager’s active ownership work.

Despite a very profitable 2021, investment bank bosses expect Brexit to continue driving jobs out of London. Around half of senior finance executives polled by Big Four accountancy firm EY expected the UK’s departure from the European Union to reduce the City’s talent and expertise. Prime Minister Boris Johnson nevertheless maintains that it remains an attractive destination for bankers to do business.

Finally, over in Frankfurt, Bundesbank President Jens Weidmann announced he is stepping down early, five years before his term was due end. An outspoken critic of the European Central Bank’s ultra-loose monetary policy and passed over for the top job at the ECB in 2019, he was previously an adviser to Angela Merkel before heading the German central bank.

His resignation comes as the country attempts to form a government with a new chancellor for the first time in 16 years following September’s elections.

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To contact the author of this story with feedback or news, email Brian Swint

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