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Axel Weber, the former chair of UBS and president of the Bundesbank, is joining the advisory board of fintech provider Raisin in December. Weber is set to resurface after being replaced at UBS last year by former Morgan Stanley executive Colm Kelleher, before the bank struck its landmark takeover of local rival Credit Suisse. After a decade at the helm of the Swiss bank, he is set to chair Raisin, which compares savings accounts and other financial products across Europe.
The chair of Morgan Stanley’s real estate banking business Guy Metcalfe, a three-decade veteran of the firm, is set to retire, according to reports. An internal memo cited by Bloomberg said Metcalfe was preparing to exit after more than $850bn in deals and 33 years at the bank.
Credit Suisse’sCharles Cooper joined RBC Capital Markets as a director in the bank’s pan-European cash equities sales team. Cooper spent six years in equities sales at the Swiss bank. He will report to Rory MacFarlane, head of UK cash equity sales at RBC.
UBS promoted one of its top investment bankers in France to lead its alternative capital group in the country as the Swiss bank continues to shake up the senior ranks of its dealmaking team. Nicolas Paquet has taken on the role of head of the alternative capital group for France and Belgium, according to an internal memo seen by Financial News. He will focus on private equity firms in France as well as the French offices of international sponsors clients.
ABN Amro will make deep job cuts to its operations in New York in the latest pullback in the banking sector amid an ongoing deal drought. The Dutch bank is set to cut 52 roles in New York by the end of 2023, according to a filing with the New York Department of Labor. This amounts to around 70% of its 73 employees in the city, the filing shows.
GAM shareholders voted unanimously to replace the current board of directors — a move which draws a line under months of uncertainty for the Swiss asset manager. At an extraordinary general meeting in Zurich on 27 September, 99.5% of shareholders who voted elected Antoine Spillmann as chair. David Jacob steps down as GAM chair, with Peter Sanderson — current GAM chief executive — replaced by the new board’s preferred choice, Elmar Zumbuehl.
Fidelity International added two new hires to its solutions and multi-asset team. Eugene Philalithis, head of multi-asset investment management, is retiring in 2024. JPMorgan Asset Management managing director Talib Sheikh will replace Philalithis as lead portfolio manager across multi-asset income strategies. Mario Baronci also joins from Quaestio Capital as a portfolio manager.
The Investment Association, the UK trade body for asset managers, made four new appointments to its board of directors. Marcello Arona, CEO of Axa Investment Managers UK joins, as does Newton Investment Management chief Euan Munro. Also taking up seats on the IA board are Joseph Pinto, CEO of M&G Investments, and UBS Asset Management UK country head Nasreen Kasenally.
KPMG UK is set to cut up to 125 jobs in its consulting business in the face of a harsher economic climate. The firm has launched a consultation process, which could lead to more than 100 roles in the consulting arm being cut, a person familiar with the matter said.
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