• Moves of the week
JP Morgan Asset Management
JP Morgan Asset Management has promoted a new head of its global equities business in a move that will see a role overseeing $ 430 billion in funds under management switch from London to New York.
Paul Quinsee will succeed Martin Porter, who is retiring after 32 years at the $ 1.7 trillion asset manager, during the fourth quarter of 2016, according to a statement on August 2. Porter works in London but the position will be based in New York under the responsibility of Quinsee once the change takes effect.
Quinsee, who is chief investment officer for US equities, will oversee a team of over 400 investment professionals, reporting to Chris Willcox, chief executive of JP Morgan’s global investment management division, which encompasses all of the bank’s investment business, except global wealth management. A spokeswoman for JP Morgan AM said Quinsee would still travel regularly to London.
JP Morgan Asset Management said no investment strategies or portfolio management teams would be impacted by the change, with Quinsee’s replacement to be announced “in due course”.
Rokos Capital Management
Brevan Howard co-founder Chris Rokos has promoted four staff to partners at Rokos Capital Management, his new London-based hedge fund.
Rokos, the star trader who left Brevan Howard in 2012, went on to officially launch his own firm, Rokos Capital Management in September 2015.
Jacques Cailloux, Rokos’s head of economic research, who joined from Nomura in September 2015, and Vladimir Piterbarg, the head of quantitative analytics, who joined from Barclays in May 2015, are among the new partners, according to filings at Companies House dated August 1.
A pioneer of liability-driven investing in the UK is to join Schroders in what will be his first role at an asset management firm.
Exley, who has spent most of his career as a consultant, including 23 years at Mercer, will leave his role as a partner in KPMG’s pensions investment advisory team. A date for his departure has not yet been announced.
More than 20 years ago, during his time at Mercer, Exley led a new way of thinking about how pension funds could tackle their liabilities.
Instead of investing heavily in equities and justifying their purchases through actuarial forecasts of future returns, Exley and a team of actuaries argued that pension funds should instead use market-based returns, and that the greater certainty of payments from fixed income products such as index-linked bonds were the perfect match for liabilities.
This became the bedrock of LDI, an approach now common across the buyside and its biggest managers.
Eight Roads Ventures
A former fintech investor at Accel Partners, who was involved in high-profile investments in WorldRemit and Funding Circle, has joined the London-based proprietary investment arm of Fidelity International as it seeks to strengthen its European business.
Michael Treskow, who was a principal at Accel, has been appointed partner at Eight Roads Ventures, where he will focus on making investments in fintech, enterprise software and mobile businesses, the company said in a statement on August 2.
Treskow joined Accel in 2013 and worked on several of the firm’s high-profile deals.
The firm also said on August 2 that it had hired former McKinsey consultant Rohit Krishnan as vice-president. He will focus on enterprise software and big data, the company said.
Eight Roads Ventures was created in 2015 by bringing together Fidelity’s international venture activities: Fidelity Growth Partners Europe, Fidelity Growth Partners Asia and Moonray Investors. It has offices in the UK, India, China and Japan.
• And the best of the rest…
Baker & McKenzie names managing partner
The London office of the law firm Baker & McKenzie has appointed Alex Chadwick as a managing partner. Chadwick will spend a three-year term in the role. A tax lawyer, Chadwick joined Baker & McKenzie in 1990 as a trainee. He replaces the incumbent London managing partner Paul Rawlinson, who was elected global chairman of the law firm in June. Chadwick will begin his new role in October.
Barings loses fixed income specialists
A group of four specialist fixed income managers has departed Baring Asset Management, in one of the first examples of staffing fallout from its merger and integration with larger US stablemate Babson Capital Management. Ece Ugurtas, head of specialist fixed income, and Thanasis Petronikolos, head of emerging market debt, are among those who left in July, a spokeswoman for Barings confirmed. Ugurtas was manager of Barings’ $ 600 million High Yield Bond fund and reported to Marino Valensise, head of the firm’s investment committee. Petronikolos managed the $ 32 million Emerging Markets Debt Local Currency fund. Faisal Ali, who worked with Petronikolos on the emerging market debt team and managed the $ 17 million Emerging Markets Corporate Debt fund, and Atish Suchak, a high-yield credit manager who worked with Ugurtas, have also left the company. The Barings spokeswoman confirmed that, separately, the firm’s head of investment process, James Ross, who also reported to Valensise, had also decided to leave the firm to pursue other endeavours.
Cayman Islands regulator appoints compliance head
The financial services regulator of the Cayman Islands, the Cayman Islands Monetary Authority, has named a new head of compliance, the government body said in a statement. Audrey Roe, who has served as deputy head of the compliance division for the Caribbean nation’s regulator for nearly 10 years, steps into the role. The statement said her duties would also include identifying money laundering and overseeing the due diligence of people applying to be regulated persons.
CVC recruits ex-Charterhouse investment manager
A former investment manager at the London-based private equity firm Charterhouse Capital Partners has joined buyout giant CVC Capital Partners as an investment director, according to public filings. Thomas Eberle joined CVC’s London-based telecommunications, media and technology team in July. Eberle worked at Charterhouse from 2012 to 2016 as an investment manager, which ranks immediately below partner level at the firm. He previously worked at Los Angeles-based private equity firm The Gores Group and consultancy firm Parthenon-EY.
Deutsche Bank picks AXA veteran to lead €719bn investment arm
Deutsche Bank has hired a 25-year veteran of French insurer AXA to lead its asset management division, filling the gap left after Quintin Price, who had joined from BlackRock only at the start of the year, departed in June for health reasons. The German bank said in a statement on July 28 that Nicolas Moreau, 51, would join its management board on October 1, with responsibility for the group’s €719 billion funds arm Deutsche Asset Management. He will be based in London and will “initially” be on a three-year contract, the bank said. Moreau was most recently chief executive of AXA France, a role he held since 2010, but AXA revealed in May he had decided to leave the group at the end of June.
ICG taps Coller for secondaries exec
UK private debt investor Intermediate Capital Group has boosted its secondaries team with a hire from Coller Capital. ICG has hired Martin Fleischer as a manager, a spokeswoman for the firm confirmed in an emailed statement. Fleischer left Coller Capital in June after three years at the firm, where he was a senior associate and later an investment manager, according to his LinkedIn profile. Before that, he was an associate at GMT Communications Partners. ICG has also hired Daniel Ayeroff, an associate who previously worked at US venture and private equity firm Lightyear Capital, in its New York office, the spokeswoman said.
LCM Asset Management hires Deutsche Bank securitisation MD
New York-based LCM Asset Management, a loan fund owned by Dutch listed investment firm Tetragon Financial Group, has hired a Deutsche Bank executive to lead its sales effort. Chris D’Auria, who was a managing director and co-head of Deutsche Bank’s global collateralised loan obligation business, has joined LCM to lead business development, according to a statement from the company. Details on his LinkedIn profile show that D’Auria has been at Deutsche Bank for more than 18 years.
Macquarie Capital hires infrastructure adviser
Macquarie Capital, the investment banking arm of Australian financial services giant Macquarie Capital, has hired a European boardroom veteran as a senior adviser. Jean-Marc Janailhac, who is currently chief executive of consultancy company SFIC Development SAS, joins Macquarie Capital, based in Paris. He is a board member of Greentech Energy Systems. In the past, Janailhac was chairman and CEO of Gruppo Ziliochief, an Italian water treatment company, and was CEO of Veolia Environmental Services South Europe.
Mobius Life makes senior appointments
The institutional investment platform has hired Steve Robinson as head of asset transfers and Michael Jackson as data integrity and research manager. Robinson joins Mobius from BlackRock where he was vice-president, DC transition strategist. Prior to that he worked at Mercer for eight years. Jackson joins Mobius from Aberdeen Asset Management, where he was responsible for outsourced third-party administration. He has previously held roles at a number of leading asset managers and global custodians.
Tenzing adds private equity veteran to its board
Tenzing, the UK lower mid-market investor set up in 2015, has recruited a veteran figure, who is one of the best-known names in the country’s private equity industry, to its board. Ian Armitage, the founder, chief executive and then chairman of HgCapital who retired from the mid-market private equity firm in November 2012, has joined London-based Tenzing as a non-executive director, according to the firm’s co-founder Guy Gillon. Armitage has confirmed the appointment. Armitage spent 24 years at HgCapital, leading the spin-out of the team from Mercury Asset Management after that firm’s acquisition by Merrill Lynch in 1997. The spin-out took three years to complete and the firm was renamed HgCapital in 2000. Since leaving the firm, Armitage has become a director at the British Private Equity and Venture Capital Association and has taken on a number of non-executive positions, according to his LinkedIn profile.
TowerBrook duo depart private equity firm
TowerBrook Capital Partners, the former owner of high-street clothing chain Phase Eight, has lost two executives from its London office, according to people familiar with the matter. Axel Meyersiek, a managing director, plans to leave after 15 years at the firm, two people said. Meyersiek, a German national who joined the firm in August 2001, will be moving back to Germany for family reasons in January 2017, one person said. Gavin Chittick, who has served as an operating director at the firm since September 2007, has retired from TowerBrook after spending almost nine years at the firm. He left in mid-June, the person said. Chittick is retiring from private equity to set up a company that will organise country music festivals in the US, the person added.
Standard Chartered names IMF official as new chairman
Standard Chartered tapped International Monetary Fund official José Viñals to be its next chairman, after searching for more than a year to replace the departing John Peace, according to The Wall Street Journal. Viñals will start in October and officially take over the role from Peace on December 1. Naguib Kheraj, the Standard Chartered director who led the search for a new chairman, will become deputy chairman, the bank said. Viñals is currently the financial counsellor and director of the monetary and capital markets department of the IMF. An economist and former academic, he joined the IMF in 2009 after rising to deputy governor in a 25-year career at the Bank of Spain. Standard Chartered announced in February 2015 that Peace would leave the bank in 2016. But the search dragged on for months longer than expected as it proved difficult to find candidates willing to globe-trot and help oversee the bank’s restructuring.
Sun Trading hires new London trading head
Sun Trading, a Chicago-based high-frequency trading firm, has hired a new head of trading in London. The firm has appointed Jamal Tarazi, who was European head of New York-based high-speed trading firm Global Trading Systems before leaving earlier this year, as head of trading in London to grow revenue in Europe and “maximise” trading opportunities around the world, according to chief executive Kevin Cuttica. Tarazi will join Sun Trading International, the UK subsidiary of Chicago-based Sun Holdings. Before his time at GTS, Tarazi had led Virtu Financial’s European trading operations. He holds a doctorate and master’s degree in particle physics from the University of California at Irvine. Tarazi will replace Nick Scalabrino, who will return to Chicago after a six-month transition period.
Woodford trust makes board appointments
Woodford Patient Capital Trust, a £744 million investment trust launched in April 2015 by Woodford Investment Management to invest in early-stage companies, has appointed Carolan Dobson and Alan Hodson as non-executive directors on its board. Dobson has a background in fund management, having worked at Murray Johnstone and later Abbey National Asset Management. Hodson joined Rowe and Pitman in 1984 (which later became SG Warburg, SBC and then UBS) and worked in a range of equities roles. He became global head of equities in 2001, retiring in 2005.