Saturday, 28 May 2016
Last updated 20 hours ago
Sep 22 2009 | 11:13am ET
The arms race in the Asian prime brokerage space is picking up in a big way, with several major players making big hires in the region.
Deutsche Bank is set to announce today that it has hired Nathan Davidson from Merrill Lynch and will pair him with David Murphy as its new co-heads of prime brokerage in Asia ex-Japan, The Wall Street Journal reports. Those two appointments are just the beginning for the German bank in the region, where it plans to roughly double its headcount.
“We’re going to see a significant flow of startups and spinoffs,” Jonathan Hitchon, co-head of global prime finance at Deutsche Bank, said. “We feel like that has hit the bottom and is going to trickle back up, but we don’t really see the acceleration yet.”
Also readying itself for that acceleration is Credit Suisse, which has hired Matt Pecot from UBS for its Asia prime brokerage. Pecot was named head of Asian-Pacific prime brokerage services.
Deutsche Bank, for one, is not only beefing up its prime brokerage business in Asia. The firm has hired Och-Ziff Capital Management’s John Egan and Morgan Stanley’s Ted Langworthy to head securities lending teams in New York. It has also added Sairan Venkatraman from Citigroup and Prasad Yenamandra from Goldman Sachs to its technology team.