Canaccord hires de Rosnay as European chief
LONDON, Sept 4
LONDON, Sept 4 (Reuters) - Canadian bank Canaccord Financial has hired former Lazard and Lehman Brothers dealmaker Alexis de Rosnay to run its European unit, a business it has been building up while bigger rivals have scaled back their ambitions in the downturn.
De Rosnay, a healthcare industry specialist, is joining at a tough time, with dealmaking in Europe drying up and equities trading volumes slumping.
Canaccord, which bought British broker and advisory house Collins Stewart Hawkpoint in March for 253.5 million pounds ($403 million), said on Tuesday de Rosnay will replace Mark Brown as chief executive of Canaccord Genuity. Brown is leaving.
Many top players at the largest investment banks have tried their hand at something different in recent years, as new regulations bite, hampering big firms' lending ability for instance, and as clients seek advice from new parties.
De Rosnay, who until a few months ago was joint head of investment banking at Lazard, will lead the integration of Collins Stewart Hawkpoint, and oversee the 650 staff Canaccord now has in Europe - about a quarter of its global headcount.
He has spent much of his career at the bigger investment banks - before joining Lazard from Lehman Brothers in 2008 at the height of the financial crisis, he had worked at JPMorgan and Rothschild.
After leaving Lazard, de Rosnay was briefly co-head of global healthcare at Bank of America Merrill Lynch.
Shifting strategy at top firms and job cuts have led many to leave the industry for pure advisory firms such as Moelis, with others going to mid-sized players such as Baird.
On Monday, William Vereker stepped down as joint head of investment banking at Nomura to become vice-chairman of investment banking, a move colleagues said would lead to his imminent departure.