NEW YORK, June 5 (LPC) - Deutsche Bank has named a pair of new co-heads of U.S. leveraged finance after the two bankers who previously led the unit have left the German bank, according to a memo which was confirmed Tuesday by a bank spokesperson.
Ian Dorrington and Manfred Affenzeller will serve as the new co-heads of U.S. leveraged finance and report to Sean Murphy, who is co-head of global leveraged debt capital markets. The story was first reported by Business Insider.
Affenzeller joined Deutsche Bank in 2005 while Dorrington joined in 2011. Both have worked on the leveraged debt capital markets team.
The duo will replace Chris Blum and Scott Sartorius, who served in those positions over the past year.
Deutsche Bank has experienced some turnover as the firm has seen its financial numbers weaken. S&P cut the bank’s long-term rating to BBB+ from A- on June 1 due to a “deeper restructuring” than the agency expected.
The bank announced in May plans to cut 10,000 jobs globally.
Despite concerns with the broad business, Deutsche Bank has held steady in the leveraged finance sector.
The company came in eighth place in the leveraged finance league table, according to LPC data, during the first quarter of 2018 with 68 deals completed and a market share of 5.22%. The company was in the same position for full year 2017, when it underwrote 336 deals and had a market share of 5.52%, according to LPC.
The bank is currently leading a US$1.8bn deal backing financial information service provider TransUnion’s purchases of U.K. credit reporting agency Callcredit, device-based information provider iovation and Medicare reimbursment firm Healthcare Payment. (Reporting by Jonathan Schwarzberg; Editing By Lynn Adler and Jon Methven)