Merrill Lynch seeks UBS banker to boost badly hit broking arm
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Monday 12 March 2012
Bank of America Merrill Lynch is in talks with a leading banker at UBS as it seeks a senior figure to salvage its badly hit corporate broking arm.
Merrill lost its broking boss, Mark Astaire, this month when he switched to the fast-growing practice at Barclays Capital. The investment bank had already been hurt by the loss of the well-known broker Andrew Osborne, who resigned when he was investigated by the Financial Services Authority over disclosing insider information. The FTSE-100 constituent Tullow Oil replaced Merrill as broker as a result of Mr Osborne's departure. The FSA fined Mr Osborne £350,000 last month.
Merrill is understood to have approached Peter Luck, a UBS managing director of corporate broking, who has worked with Blackstone-owned Travelport and the Irish building materials giant CRH, to lead the team. It is thought that the parties are in advanced negotiations, though it is unclear if there are other contenders for the role.
A senior broker at a rival bank said: "This is a bit of a jump [up] for Peter, but there aren't a lot of good brokers out there at the moment."
Broking is essentially a UK industry, which focuses on building long-term relationships with clients in the expectation of winning more lucrative mandates, such as advising on acquisitions, further down the line. Broking is in a state of flux as a number of firms have consolidated in order to survive.
Earlier this year, Royal Bank of Scotland offloaded Hoare Govett, one of the most venerable names in broking, to the US investment bank Jefferies.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...