BNP Paribas intent on prime brokerage growth
03 April 2012 Paris
Image: Shutterstock
BNP Paribas is pushing forward their global prime brokerage business with the appointment of ex-Nomura head Matt Pinnock, as well as James Scully and Ashish Patel.
James Scully joined in March as head of securities lending & synthetic sales trading in Asia ex-Japan, and Ashish Patel will join the bank at the beginning of April as head of prime brokerage client service.
Formerly co-head of prime services at Nomura, Pinnock left the Japanese bank over rumours of its detachment from cash prime brokerage in Europe. He is set to join BNP’s London base at the beginning of May, as head of prime brokerage services for Europe and Asia.
On Benoit Savoret’s appointment to Nomura in March 2011, the new joint head of global equities instigated a detailed review of the Japanese bank’s equity division. After the review, at least five top members of its European prime brokerage team left the firm, part of a wider series of 25 to 30 redundancies. As well as Kinnock, the departures included Martin Beeche, European head of prime services origination, Stu Park, John Southgate and Marianne Scordel.
The deep cuts were thought to be due to severe competition in the European sector, and several news outlets reported that Nomura was closing its prime brokerage division in Europe.
However, a source close to Nomura stated: It’s a fallacy that Nomura has dropped out of European cash prime brokerage division; their doors are still open. I think they came to the recognition that the changing regulatory environment and a conviction that clients were looking for best of breed and differentiated products, meant they should focus on their natural strength in the Asian markets.”
BNP Paribas spent 18 months preparing its prime brokerage division for entrance into the global arena. The company bought Bank of America's equity prime brokerage business in October 2008, using their first year to assimilate that business with its existing prime brokerage division in Europe.
James Scully joined in March as head of securities lending & synthetic sales trading in Asia ex-Japan, and Ashish Patel will join the bank at the beginning of April as head of prime brokerage client service.
Formerly co-head of prime services at Nomura, Pinnock left the Japanese bank over rumours of its detachment from cash prime brokerage in Europe. He is set to join BNP’s London base at the beginning of May, as head of prime brokerage services for Europe and Asia.
On Benoit Savoret’s appointment to Nomura in March 2011, the new joint head of global equities instigated a detailed review of the Japanese bank’s equity division. After the review, at least five top members of its European prime brokerage team left the firm, part of a wider series of 25 to 30 redundancies. As well as Kinnock, the departures included Martin Beeche, European head of prime services origination, Stu Park, John Southgate and Marianne Scordel.
The deep cuts were thought to be due to severe competition in the European sector, and several news outlets reported that Nomura was closing its prime brokerage division in Europe.
However, a source close to Nomura stated: It’s a fallacy that Nomura has dropped out of European cash prime brokerage division; their doors are still open. I think they came to the recognition that the changing regulatory environment and a conviction that clients were looking for best of breed and differentiated products, meant they should focus on their natural strength in the Asian markets.”
BNP Paribas spent 18 months preparing its prime brokerage division for entrance into the global arena. The company bought Bank of America's equity prime brokerage business in October 2008, using their first year to assimilate that business with its existing prime brokerage division in Europe.
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