Market Commentary & Musical Chairs in European Q1 2019

he beginning of 2019 has seen a cautious start to the hiring Tyear, with uncertainty around Brexit relocations (banks) and less deal activity globally. The market has been dominated Bjørn Andersen joined Nordea as Head of Leveraged Syndicate by hiring slowdowns and freezes on the banking side, and in Copenhagen. He previously worked at Deutsche where he was a Director in the London based EMEA High Yield Capital fewer senior hires across funds. However, teams have continued Markets team. to selectively ‘upgrade’ talent at a mid and junior level and made business critical hires at a senior level. This has included Nauman Ansari joined HSBC as a Director in the Leveraged adding restructuring and distressed debt talent across their Finance team, focusing on investment grade. Prior to joining teams (both banks and funds are hiring in this area). HSBC, Ansari worked at Bank of Tokyo Mitsubishi UFJ, where he was latterly an ED in the EMEA Healthcare Finance team. The landscape has been marked by new entrants into the European Credit Market, and the ‘re-imagination’ of some Jefferies has hired Ulrich Böckmann as Head of Coverage – Germany, Austria & . Böckmann joins from of the more established private debt teams in terms of people Barclays, where he was an MD running the German Financial and structure. We have also seen some re-organisation Sponsor Coverage business with additional responsibility for select of talent across banks in Europe and an uptick in hiring large corporate clients in the DACH region. activity (particularly in Germany) for local coverage bankers. However, we haven’t seen the volume of moves to the Vanessa Dessaigne joined La Banque Postale as Deputy Head continent many expected to see before the original March of Structured Finance in Paris. She was previously a Director in 29th Brexit deadline. ’ Paris based Leveraged Finance team.

Carlo Fontana joined as Head of Non-Investment In the US, we witnessed the same ‘slowdown’ at the Grade Syndicate, having previously been Head of Leveraged Debt beginning of this year but have seen a recent pick-up in Capital Markets & Corporate Real Estate Loans at Lloyds Bank. hiring activity over the past six to eight weeks. This is primarily true of the traditional ‘balance sheet banks’, keen Mizuho hired Asif Godall as Head of Global Markets for EMEA to add M&A and sector content to their financing capability from Cairn Capital where he served as Co-Chief Investment and make the most of a more ‘mobile’ talent pool. We have Officer overseeing investments across multi-asset credit, structured also seen some of the large US investment banks in a drive to credit, real estate and CLOs. penetrate the mid-market in a more meaningful way. Mizuho hired Ben Handler as a Senior Director in their Loan Capital Markets team. He joined from HSBC where he was latterly We believe there is currently a window of opportunity for Director in the Corporate Capital Origination team. firms to capitalise on a mobile candidate population where there is reduced competition for talent (although picking Jeremy Hughes, former MD and Head of European HY & up). For any advice here, please contact our team on Leveraged Loans, CLO and ABS Distribution at Barclays, +44 (0)20 3943 2850. joined HSBC as MD & Head of Leveraged Credit & Distressed Distribution. We have put together a sample of highlight moves in the Julien Kleiner joined UniCredit’s Munich office as MD in the European Credit space seen in Q1, 2019. DCM FIG team. Kleiner was previously a Senior Director at FMS Wertmanagement where he focused on Capital Markets Funding Michaela Rosbrook, Managing Partner & Investor Relations. Camelia Robu joined Macquarie as Head of Leveraged Finance for EMEA. Previously, she worked at HSBC as an MD in the Leveraged Finance team.

Christoph Seibel joined Mizuho as CEO for its EU operations, based in Frankfurt. Seibel was previously Head of Corporate DCM for EMEA at RBC.

Marcus Wahoff left Société Générale where he was a Director in the Frankfurt Leveraged Finance team, and joined Commerzbank in the same role.

Mizuho hired Ramon Walsh as Head of Origination EMEA in its Leveraged Finance team. Walsh joins from Actis where he was Head of Banking.

Asset Management

Fabrice Alliany joined Kepler Cheuvreux as ‘Gerant’ to Co-Head the Private Debt business together with Jean Rozière who joined the firm last June. Before joining Kepler, Alliany was Partner at Artemid in Paris and, formerly, an MD in the Paris based Leveraged Finance team at Natixis. Grégoire Langhade left his position as team Head of HSBC’s Paris based Middle Market Financial Sponsor Coverage team to join Jennifer Anderson has joined Asset Management as Co- Natixis as a Senior Director in their Financial Sponsor Coverage Head of Sustainable Investment & ESG, having previously worked team in Paris. as an Investment Manager at TPT Retirement Solutions leading the Responsible Investment/ESG strategy. Christian Leibl joined SMBC as MD & Head of Corporate Solutions EMEA. He previously worked at Lloyds where he was Zeina Bain left to join ICG as an MD in their MD & Head of Advisory. European Subordinated Debt & Equity team. She was previously MD in Carlyle’s European team. Nicolas de Lovinfosse joined UBS as a Director in Leveraged Finance. He was previously a Director in the High Yield Capital Saarvin Balasundram joined as a VP in Markets team at Credit Agricole CIB. Capital Markets. He was previously a VP in JP Morgan’s EMEA Leveraged Finance team. Jason Mann left Danske Bank where he held responsibility for Euro Currency Credit Syndicate. Mann joined MUFG’s Paris office Muzinich has hired Archie Beeching as Director of Responsible as European Head of Financial Institutions DCM & Syndicate. Investing to strengthen the ongoing integration of the firm’s ESG policies into the investment process. He joins from the UN- Macquarie hired Michael Magliana to Co-head the UK for its supported Principles for Responsible Investment, where he was Americas, Europe & Asia Group. He joined from Jefferies where latterly Head of Private Markets. Magliana was latterly an MD & Head of Client Coverage Strategy for EMEA. Krzysztof Blaszczuk left Macquarie for KKR where he joined as an Associate in Capital Markets, focused on Infrastructure. At Samira Meman joined Barclays as a Director in Leveraged Finance Macquarie, Blaszczuk was a VP focused on Debt Advisory and Credit Risk. She previously worked at the Mediterranean Bank Principal Investing. where she was a Credit Risk Manager. Isabella Boman-Flavell joined Equistone Partners Europe as an Claus Müller joined Credit Agricole CIB as a Director in Debt Investment Manager. Previously, she worked at RBS where she was Optimisation & Distribution Project Finance. Müller was Head of latterly an AD in the Mid-Market Leveraged Finance team. EMEA Leveraged Finance & Project Finance Sales at Mizuho. Bregal Milestone hired Matteo Bozzo as a Director from KKR, Cyril-Henri Prévost joined HSBC as MD & Co-Head of HSBC’s where he was latterly a Director in the Private Credit team. FSSC (Small Cap Leveraged Finance) team in Paris. Prior to joining HSBC, he worked at Société Générale in Paris where he was a Marc Ciancimino left KKR to co-found All Seas Capital Partners Director in the Small Cap Leveraged Finance team. together with Cristobal Cuart (also ex KKR). Ciancimino was Partner at KKR, Global Head of Mezzanine & European Head of HSBC hired Asgar Rahemtulla as a Director in Credit Trading. Private Credit. He joins from Bluecrest where he was a Partner and worked as a Portfolio Manager on the Liquid Credit/Macro side. Andy Clapp joined Pensions Infrastructure Platform (PiP) as Patrick Ordynans joined ESSG as an MD in Head of Asset Management. Previously, Clapp worked at Dalmore Private Capital. He previously worked at Alcentra as an MD in Capital. Direct Lending, focusing on Germany & Benelux.

Muzinich hired Tom Douie as Global Head of Distribution. He Kaushik Rambhiya joined Man GLG as a Portfolio Manager in was previously an MD at Neuberger Berman, where he most their Credit team. Previously, he worked at Aventicum Capital recently served as Head of Intermediary for EMEA and LatAm. Management, where he was CIO, Chair of the Investment Committee & Lead Portfolio Manager. Nicola Falcinelli joined The Carlyle Group as an MD in their Credit Business. He previously worked at Och-Ziff Capital Asset Management (WFAM) has hired Matthias Management as an MD in Private Credit & Credit Opportunities. Scheiber as Global Head of Multi-Asset Solutions Portfolio Management. He joined from Schroders where he led the Multi- Adrian Grammerstorf has joined Allianz Global Investors’ Asset team’s complex institutional mandates. Munich office as a Director in their European Private Credit team. Previously, he worked at UniCredit as a Director in their Munich Anchorage Capital Partners hired Sean Scoggins as a Director. based Financial Sponsor Solutions team. Previously, Scoggins worked at Moelis in the Restructuring team.

Pemberton hired Boris Harmsen as MD & Head of Origination Samuel Sibony left TCI Fund Management, where he was a Credit for Benelux. Before joining Pemberton, Harmsen was Head of Analyst, to join Attestor Capital. Benelux Leveraged Finance & Sponsor Coverage at IKB Deutsche Industriebank AG. Legal & General has appointed Michelle Scrimgeour as CEO of LGIM from Columbia Threadneedle Investments where she was Michael Htun joined Cairn Capital as a Portfolio Manager with CEO for EMEA. responsibility for CLO tranche investments. Prior to joining Cairn, Htun was VP in the CLO Origination & Structuring team and Edith Siermann has joined NN Investment Partners as Head latterly VP in the Leveraged Credit Sales team at NatWest Markets. of Fixed Income & Responsible Investing, based in The Hague. Previously, Edith worked at De Netherlandsche Bank where she Laurence Kubli joined Muzinich as Asset Backed Securities was Chief Investment Officer, based in Amsterdam. Portfolio Manager, based in Zürich. She joined from GAM Investments (Switzerland), where she was a Senior Portfolio Wells Fargo Asset Management (WFAM) has hired Hannah Manager in Structured Credit & Corporate Credit. Skeates as Global Head of Environmental, Social, and Governance (ESG). She previously worked at S&P Dow Jones Indices, where she Richard Kuckelkorn was appointed as Head of Private Debt & served as Head of Global ESG Strategy. Chmn of the Private Debt Investment Committee at H&A Global Investment Management (HAGIM). He most recently worked for Jamie Stuttard has joined Robeco as MD & Co-Head of Global where he focused on Private Debt/Direct Lending. Macro Fixed Income and as Credit Strategist in the Global Credit team. Stuttard previously worked at HSBC where he was Head of Kartesia hired Giuseppe Mirante as Head of Credit Opportunities European & US Credit Strategy. for DACH, based in Munich. He joins from HIG Capital where he was an MD in their Distressed Debt & Special Situations team. Carina Spitzkopf left UBS, where she was a Director in the Leveraged Finance Credit Risk team, to join Hermes Investment Martin Munte joined CVC Credit Partners as a Director in the Management as a Director covering Private Debt in the Global Investor Relations team covering the DACH region. Prior to joining Fixed Income team. CVC, he worked at Bluebay Asset Management as a Sales Director responsible for Germany, Austria and Luxembourg. Dimi Velikov joined Public Investment Fund (PIF) as an Investment Professional in Riyadh. Velikov previously worked Bridgepoint hired Philip O’Leary as an Investment Director in at Jefferies, where he was a VP in the London based Leveraged their Credit team. O’Leary joined from Muzinich where he was a Finance team. Director in Private Debt. JP Morgan Asset Management has hired a new Global Head Robert Keyte joined Hyperion Group as a VP in their of Sustainable Investing, Jennifer Wu (based in London), from Corporate Finance team. He joins from SME Capital where he was BlackRock’s Sustainable Investing team in . a VP in the Structuring & Transactions team.

Georg Wunderlin joined Schroders in the newly-created role of Global Head of Private Assets. Most recently, he was CEO of HQ Capital, based in Frankfurt & New York.

Advisory

Daniel Barrett joined Altenburg Advisory as an MD focusing on Corporate Debt Advisory & Business Finance. Previously, Barrett worked as a Director in the Corporate Debt Advisory team at CreditSquare.

Christian Keller joined ’s Financial Sponsors Group as an MD and is responsible for covering the firm’s financial sponsor clients in the DACH region. Before joining Houlihan Lokey, Keller was an MD & Head of Leveraged Finance – Germany at HSBC, based in Düsseldorf.

Jason Meers left Ondra Partners and joined Ineos as CFO, based in Antwerp. At Ondra Partners, Meers was a Partner focused on Corporate Finance & Debt Advisory and also ran the firm’s Restructuring practice.

Christian Wolber has joined Gracher Kredit- und Kautionsmakler GmbH & Co as Head of Debt Advisory in Cologne. Wolber was previously a Principal in Corporate Finance & Debt Advisory at Ondra Partners.

Other

Sandeep Agarwal left and joined OWNR Technologies as Group CFO. He was previously Chmn of Credit Suisse’s DCM Solutions Group for EMEA.

Hayley Crosby joined Vita Group as Transformation Director. Prior to joining Vita Group, Crosby worked as a Director in the Refinancing and Restructuring team at PwC.

Mark Fawbert joined the Capital Markets Group at Funding Circle. Previously, he worked at PGIM where he was focused on European ABS Portfolio Management.

BCG hired Donald Featherstone as Partner in London. Featherstone was most recently Partner & Restructuring Leader for EMEA at EY.

Brian Lochead, former Partner in the Restructuring team at PwC, joined heylo as COO. Wessex Partners is a specialist financial Lynn Maxwell joined S&P Global Ratings as Regional Head of EMEA services executive search boutique. Sales. Maxwell previously worked at HSBC, where she was latterly MD & Head of Global Strategy in the Structured Finance Group. We strongly believe that executive search requires specialist consultants, not generalists. This is the Francois Moufflet joined SolidAl – Condutores Eléctricos as ethos on which we are based. Group CEO from EY where he was an Associate Partner in the Transaction Advisory Services team. 17 Hanover Square, London, W1S 1HU Tel: +44 (0)20 3943 2850 Melissa Yuen joined Capital on Tap as DCM Manager. Previously, she worked at Barclays and was a VP in the Treasury Capital Markets Execution team.