Financial News presents a round-up of the top hires and job switches in the financial services industry that you may have missed over the past week.
• Moves of the Week
Deutsche Bank’s first-ever chief data officer has been handed an expanded role to help set the bank’s technology strategy as part of its digital push.
Financial technology veteran JP Rangaswami, who joined the bank from Salesforce in January 2015, was appointed head of strategy and innovation within the chief operating office in early June, according to a person familiar with the move.
The chief operating office, led by global COO Kim Hammonds, is responsible for the bank’s technology, operations and corporate services activities, such as real estate. Rangaswami, who reports to Hammonds, will also take on responsibility for innovation initiatives, including the bank’s newly established labs in London, San Francisco and Berlin, the person said.
The decision to expand Rangaswami’s role stems from the growing importance that data plays within the bank’s technology and operations strategy, and the need to ensure close co-ordination in efforts in those areas, the person said.
The appointment comes as the German banking group accelerates its efforts to improve its technology, as part of its Strategy 2020 initiative. The bank has committed to spending up to €1 billion in digital over the next five years and is undergoing a significant IT transformation.
London-based Rangaswami was hired by the German bank to help organise its data processes in support of its digital strategy.
Aviva Investors is searching for a new global head of compliance following the departure of the specialist who was brought in to oversee controls amid a regulatory probe that resulted in a £17.6 million fine for the asset manager last year.
The £290 billion fund manager, the funds arm of the UK insurer, confirmed in a statement that Robin Mitchell has left, 17 months after having joined in January 2015. His arrival was publicly cited by Aviva Investors among the changes it had made to tighten its ship after it identified failings in its fixed income dealing controls in May 2013.
These issues resulted in the City regulator, the Financial Conduct Authority, fining Aviva Investors in February 2015. The asset manager also had to pump £132 million into eight funds to compensate for any potential losses.
A spokeswoman for Aviva Investors confirmed Mitchell left in May 2016 and that the search was underway for hiring a new global head of compliance. Financial News was unable to contact Mitchell. The spokeswoman said that David Young, who has held various compliance-related roles at Brewin Dolphin, future brokerage Newedge and Gartmore, joined in May to lead its compliance team on an interim basis.
She added that Andrew Fowler, a compliance specialist with more than 10 years of experience in the industry, most recently with AllianceBernstein, has also joined as head of compliance for Europe, Middle East and Africa. According to his LinkedIn page, Fowler left the US manager in April 2016.
Stefan Krause, the former finance chief at Deutsche Bank who left in 2015 amid a senior management reshuffle at the German lender, has re-emerged among a group of new senior advisers recruited by the US private equity firm Warburg Pincus.
Krause has been appointed as a senior adviser to help the Warburg Pincus identify new investment opportunities in Europe, according to a statement seen by Financial News.
Krause, a long-standing Deutsche Bank board member who stepped down at the end of October 2015, said the German market in particular offered a number of “compelling opportunities” for investment.
In addition to Krause, Warburg Pincus has appointed Jim Hagemann Snabe, the former co-CEO of German software company SAP, as a senior adviser focused on technology and digital transformation, according to a person familiar with the matter.
On June 13, the firm said it had appointed former Alberta premier Jim Prentice to advise it on energy deals in Canada.
Financial News’ sister publication Private Equity News also reported on June 13 that Warburg Pincus had added Kanika Kumar, a former fundraising manager at secondaries giant Coller Capital, to its investor relations and fundraising team in London as it continues to invest its $ 13.4 billion fund.
Public Sector Pension Investment Board
Canada’s $ 112 billion Public Sector Pension Investment Board has added a director to its investment team in Europe, where it recently completed its first direct private equity deal.
The move comes as PSP Investments seeks to build a team of about 12 staff to help it source direct private equity investments in Europe. It currently has about six London employees.
Hires to the London team this year include Przemek Obloj, formerly of CVC Capital Partners and EQT Partners, who joined in March, and Audinga Besusparyte, previously at Permira, who arrived in early June.
• And the best of the rest…
Allianz GI adds banker to infrastructure debt team
Allianz Global Investors, the asset management arm of insurance giant Allianz, has hired a project finance banker for its growing US infrastructure debt team. A statement by Allianz GI said that Jorge Camiña, who would report to Paul David, will become a director in its New York office, with responsibility for developing its US infrastructure debt business. He joins from Santander Global Corporate Banking in New York, where he was head of the Spanish bank’s project and acquisition finance group in North America.
Ashurst hires RBS’s head of Emea loan markets
International law firm Ashurst has appointed Dave Rome as strategic director for its corporate lending practice. He will lead the team responsible for the origination, structuring and execution of syndicated loan transactions across the UK and western Europe. Rome spent over 25 years at RBS and NatWest, working in the UK, Europe and Asia. Ashurst has invested considerably in its corporate lending practice and Rome will add commercial expertise to the firm’s legal advice to clients including challenger banks. He will also drive the law firm’s strategy for syndicated loan markets.
Bates Wells Braithwaite names head for its new compliance unit
Professional services firm Bates Wells Braithwaite has appointed Gillian Roche-Saunders as a partner. She will also lead its new financial regulation compliance consultancy. Roche-Saunders joins BWB from rival regulatory consultancy Bovill, where most recently she established and grew a compliance consulting team dedicated to the venture finance industry. Prior to that, she spent seven years leading compliance investigations at The Law Society. She is a director of the EIS Association and chairs its regulatory committee. Roche-Saunders also provides support to other trade associations including the UK Business Angels Association and the UK Crowdfunding Association.
Demica recruits six in expansion drive
Trade finance platform Demica has hired six people including a director of structuring, as it expands its receivables and factoring business, the alternative finance firm said in a statement. Markus Musielak joins the firm as a director of structuring from US asset management company Northern Trust. Mansour Davarian becomes associate director of innovation, having worked at Hitachi Capital, where he developed group financing strategies. Before Hitachi Capital, Davarian was at HSBC for seven years in a variety of roles. Other hires by the shadow bank include Luke Thompstone as a senior infrastructure engineer, Dario Avella as a developer, Gloria Orera as a consultant, and Aoife Doherty as an office manager.
Deutsche Bank’s Asia-Pacific CEO to leave
Deutsche Bank’s chief executive for the Asia-Pacific region, Gunit Chadha, is leaving the bank – the latest high-level departure at the German lender. The bank said in a statement that Chadha, who was based in Singapore, would leave the bank effective July 17. Chadha joined Deutsche Bank in 2003 as chief executive for India and sole CEO of the Asia-Pacific region in 2015, after serving as co-CEO with Alan Cloete from 2012. Cloete left Deutsche last year.
Endless bolsters operation team in London
Endless, the turnaround-focused private equity firm led by Garry Wilson, has bolstered its operations team in London with the appointment of a director from accounting firm Deloitte. Sanjiv Padmanabhan will join the firm on July 15 as a portfolio director, having spent a decade at Deloitte, according to people familiar with the matter. At Endless, he will be responsible for supporting the management of their portfolio companies in developing and delivering value creation plans, the person said. During the first five years at Deloitte, Padmanabhan assisted private equity firms with pre-deal due diligence. He then became a director in the value creation services team and worked with buyout firm’s post-deal.
ICBC Standard Bank appoints commodity head from StanChart
ICBC Standard Bank has appointed a new head of international commodity coverage from emerging market rival Standard Chartered, according to a statement by the Chinese-owned bank. René Baars was a managing director and regional head for Europe commodity trades and agribusiness at Standard Chartered, before which he worked at ING and ABN Amro. ICBC Standard bank has made a series of strategic hires in 2016. In May the bank hired former RBS banker Stephen Gargiulo to head of corporate and bank sales, covering bonds, currencies and equities. Ex-UBS oil trader Chris Whittle joined in April and debt capital markets head Robin Stoole in March. The bank was formed in 2015 when ICBC acquired a 60% stake in South African lender Standard Bank’s global markets business.
JP Morgan names France family offices and sponsors head
The banker behind one of the largest shipping mergers in history has changed roles at JP Morgan, a spokesman for the bank has said. Edouard Debost, who has headed private client advisory in Europe for JP Morgan since 2012, takes up the role as its head of financial sponsors and family offices in France, according to a statement by the US bank. Before starting at JP Morgan, Debost worked for 12 years at investment bank Lazard. He has led numerous M&A transactions for family-owned businesses and has extensive experience in leveraged buy-outs. Recent deals include advising shipping line CMA CGM on its £5 billion acquisition of the shipping company Neptune Orient Lines.
Kames Capital boosts fixed income lineup
Rory Sandilands has joined the Edinburgh office of Kames Capital as an investment manager within the firm’s fixed income team. He will report into investment manager Stephen Snowden and be responsible for working with the fixed income team to source instruments suitable for its burgeoning absolute return bond franchise. Sandilands has 14 years’ investment banking experience in investment-grade, high-yield derivatives and asset-backed securities. Most recently he was at Goldman Sachs, where he spent 10 years as an executive director in the firm’s credit sales team. Before Goldman Sachs, Sandilands was at Morgan Stanley, where he was vice-president in fixed income credit sales.
NN Group makes top insurance consultant chief risk operator
Dutch insurer and asset management company NN Group has appointed a new chief risk officer. Jan-Hendrik Erasmus replaces incumbent Doug Caldwell in the role. Erasmus is currently a partner at the Marsh & McLennan-owned consultancy Oliver Wyman, where he heads the UK insurance practice and is on the European leadership team. When he joins the Dutch financial services company on September 1, he will report directly to Lard Friese, CEO of NN Group. A statement by the company said that the Anglo South African executive would be responsible for NN Group’s overall risk framework.
Old Mutual Global Investors bond star Oxley exits
Russ Oxley, the designer of two successful absolute-return government bond funds at Old Mutual Global Investors and, before that, Ignis Asset Management, has left Old Mutual after what the £26 billion manager called a “difference in opinion regarding future strategic direction”. Oxley, recruited in October 2014 by Old Mutual Global Investors’ former chief executive Julian Ide as head of the fixed income absolute return team, is leaving with “immediate effect”, according to a statement released by the fund manager on June 14. Regarding the “difference of opinion” cited in the company’s statement, a spokeswoman for Old Mutual said there had been disagreement between Oxley and other Old Mutual executives over various strategic matters. Oxley could not be reached for comment via LinkedIn.
PSP goes direct with boost to London PE team
Canada’s $ 112 billion Public Sector Pension Investment Board has added a director to its investment team in Europe, where it recently completed its first direct private equity deal. Tolga Sengel, a former investment director at Bridgepoint, has joined the scheme’s in-house manager PSP Investments in London, according to a person familiar with the matter. The move comes as PSP Investments seeks to build a team of about 12 staff to help it source direct private equity investments in Europe. It currently has about six London employees.
Quest Partners adds experienced US hedge fund manager
Quantitative hedge fund Quest Partners has appointed a 20-year veteran of the hedge fund industry to the position of president, according to a spokesman for the firm. Prashant Kolluri, who was for 15 years the chief investment officer of Investcorp and more recently president at Sterling Ridge Capital Management, joins the £620 million New York-based fund. Kolluri’s role will focus on building the company’s institutional client base, overseeing its operations and enhancing its investment process, the statement said.
Schroders tap Nomura CFO to lead Japan team
The asset manager Schroders has hired one of Japan’s most senior financiers as it builds its Japanese business, the company said in statement. Shigesuke Kashiwagi becomes president and head of Japan at Schroders, having been executive managing director and chief financial officer at Nomura Holdings since 2013. Kashiwagi, who will start at Schroders on July 1, has 34 years’ experience in the securities industry before which he was president and CEO of Nomura Holding America. He has also worked as global head of fixed income. Schroders chief executive Peter Harrison said that Kashiwagi’s unrivalled experience highlighted the investment firm’s continued commitment to growth in Japan.
USS boxes clever with pensions champ hire
The Universities Superannuation Scheme has recruited a pensions consumer champion and former Fidelity director as its strategy chief, as it moves to put greater emphasis on its new defined contribution scheme for academics. Alan Higham, a former PwC partner and UK government adviser, is a pensions and annuity expert who has founded two business: Higham Group, an actuarial firm that was sold to Capita in 2007, and Retirement Angels, which he set up in 2010 and sold to Fidelity International in 2014. Higham went on to serve as Fidelity’s retirement spokesman, before leaving in July 2015 and setting up consumer advice website PensionsChamp.com to provide free guidance to members of the public on their retirement. He has been working part-time in a consulting role for USS since February, but is set to start full-time as its chief pensions strategy and engagement officer later this summer, a spokeswoman said.