PEOPLE MOVES
NEWS UPDATE
SELL-SIDE
European agency broker and equities research
specialist Redburn has hired the former head of
EMEA equity research at Credit Suisse.
Steve East joins Redburn as head of sector
research and will also become a partner at the
firm. He will report to head of research services,
Robert Miller, and will oversee the broker’s
sector research with a team of 53 analysts.
UK hedge fund Man Group has confirmed
the appointment of former Deutsche Bank
chief executive officer, John Cryan, as its new
chairman.
The firm said that Cryan, an independent non-
executive director of the company, will take
on the role of chairman as of 1 January 2020,
following Ian Livingstone’s decision to step
down from the role after four years.
German private and institutional bank
Berenberg has appointed Jason Rand as its
new global head of electronic trading and
distribution. Formerly global head of execution
services at Geneva-headquartered Mirabaud
Securities, Rand took on the new role with
Berenberg on 12 August, based in London,
overseeing the expansion of Berenberg’s
electronic equities trading operations.
The global head of quantitative research at
Barclays is set to join Schroders as the UK
asset manager looks to bolster its systematic
investments team.
Antonia Lim, who has been with Barclays for
the past seven years, has been appointed head
of quantamental investments at Schroders,
reporting to Ashley Lester, head of Schroders
Systematic Investments.
8 // TheTrade // Fall 2019
Deutsche Bank begins prime
brokerage migration process
with BNP Paribas
The two firms agreed on a deal in principle
in July as part of the German bank’s major
restructuring and a complete withdrawal
from equities trading.
D
eutsche Bank has officially begun the migration pro-
cess of clients from its prime brokerage and electronic
equities business to BNP Paribas.
The two banks have signed a master transaction agree-
ment to provide continuity of service on Deutsche Bank’s
current platform until all clients, staff and technology can
be migrated.
“I’m excited to announce the signing of this agreement,
thanks to the close cooperation between BNP Paribas
and Deutsche Bank teams. We are now looking forward
to welcoming staff and serving these new clients. This
agreement demonstrates BNP Paribas’ strong commit-
ment to institutional investors globally,” said Yann Gérar-
din, deputy chief operating officer and head of corporate
and institutional banking, BNP Paribas.
The two firms agreed on a deal in principle in July as part
of the German bank’s major restructuring and a complete
withdrawal from equities trading, including the prime
brokerage business servicing hedge funds.
For BNP Paribas, the deal could bring significant scale
as it aims to compete with the US banking giants. The
agreement remains subject to regulatory approval.
“This is an important milestone for our Capital Release
Unit and attests to the strength of our client offering
and technology in these products. We are already making
progress and are on the right track to implement this
transaction thereby providing clear path for clients and
staff,” added Frank Kuhnke, chief operating officer, Deut-
sche Bank.
Deutsche Bank is aiming to finalise the completion of
the transition by the end of the year, however, it has come
under the spotlight as a number of high profile hedge
fund clients have moved their business to a number of
other banks, including Barclays, JP Morgan and UBS.