McDonnell joined Deutsche Bank in 1996 and was one of the industry’s longest-serving managers in convertibles trading. He was named the bank’s global head of the business in 2006 after overseeing the business in Europe.
He also served on the German bank’s global equities executive committee with other senior managers in trading, operations and client-facing roles.
In recent weeks, McDonnell told Deutsche Bank clients that he planned to retire, according to people close to him. He couldn’t be reached for comment. A Deutsche Bank spokesman confirmed his departure.
Tom Patrick, Deutsche Bank’s New York-based global head of equities, in a statement Thursday to The Wall Street Journal called McDonnell a “valued colleague” who over 20 years “played a leading role in developing our convertible business into the No. 1 franchise in Europe and a top-tier competitor globally.” Patrick added, “We look forward to building on his achievements.”
Rakesh Kadakia and Sean Hammersley are continuing to oversee US and European convertibles trading at Deutsche Bank, respectively. There are no plans to replace McDonnell in the global role, according to a person familiar with the matter.
Deutsche Bank for years has been a market leader in issuing and trading convertibles, which typically are bonds or preferred shares that can be converted into common shares.
Greenwich Associates, a US research firm, ranked Deutsche Bank the highest of its peers in European convertibles trading market share and service quality for 2015. Deutsche Bank had 13.6% of the European convertibles market in 2015, Greenwich said.
This article was published by The Wall Street Journal