Market Insight - June 2014

SYDNEY
Level 24
400 George Street
SYDNEY NSW 2000
Tel 61 2 9235 9400
MELBOURNE
Level 5
189 Flinders Lane
MELBOURNE VIC 3000
Tel 61 3 9653 8600
Market Insight – June 2014
The “(Not so) Magic Mushroom” Phenomena
By Jon Michel
No, I am not referring to how some junior IB analysts have felt in the past (i.e. being kept in the dark back room having s#@t piled on them) - this refers to
the current structure that resides in many of our best loved and well known IB franchises. The term was used in a candid moment by a very senior banker to
describe his own current team structure. In an attempt to cheer him up, I pointed out to him that this was actually an industry-wide phenomena. On the one
hand, senior bankers are staying in situ longer than they have in the past. This is primarily due to the slow down in their wealth accumulation strategies (a
combination of quieter deal flow and the deferred nature of their compensation structures). So despite some press hype promoting senior banker moves to
Industry, senior banker attrition rates actually remain at an all time low - with these moves being more the exception than the rule.
Therefore we have the “mushroom cap effect” - where a glut of Director/ED level bankers are sitting locked in on high base salaries (courtesy of the post
GFC salary adjustments) and deferred compensation. Those who want to leave banking are finding themselves priced out of other career options, or less
commercially relevant than they thought they would be. Others committed to staying in IB are seeing fewer opportunities to be promoted to MD within their
current firms, or alternatively, within other institutions (or at least those firms they would be happy to carry the business card of). Hence - the Mushroom
Phenomena (MP)!
Just to whet your appetites our next issue will cover the impact of the “MP“ - the new sought-after US green card equivalent of “good leaver status“. Also
known as the “get out of jail free card”, this allows one to leave with all one’s deferments safely intact…
Moves and Restructures
Corporate & Investment Banking

Rory MacEwan, previously an Associate with CIMB, has moved to Goldman Sachs as an Associate within their ECM team.

Jim McKnight, previously Head of Asia Pacific Restructuring & Debt Advisory, has joined Fort Street Advisers.

Janie Wittey (Wanless), previously Head of Corporate Banking with BAML, has joined Westpac as a Managing Director.

John Liles, Managing Director & Head of Acquisition Finance at WestLB has joined United Overseas Bank as CEO for Australia & New Zealand.

Steve Hawkins, ex UBS, has joined Fort Street Advisers as a Consultant.

David Lloyd, previously Head of Natural Resources, Project Finance with NAB in Sydney has taken up the role of Head of Project Finance, Asia
with ANZ (Singapore).

Paul Harris who was Managing Director and Head of Metals & Mining at Citi, has joined Record Point.

Cameron Nicholls, previously Vice President with Deutsche Bank, has joined JP Morgan as Vice President in the general industrials team.

Alexi Antolovich, Managing Director & Head of Real Estate at Goldman Sachs, has joined Macquarie in their Corporate Asset Finance business.

Paul Snushall of Morgan Stanley has joined Lend Lease as Head of Integrated Solutions.

Chris Bedingfield, ex Credit Suisse, has joined former Deutsche investment banker, Justin Blaess in launching a funds management business.

Brendan O’Brien, previously a Director with BAML, has joined Sonic Healthcare in an in-house M&A role.

Sam Bowen, previously Associate Director with Macquarie, has joined the Commonwealth Bank as an Executive Director, covering healthcare.

Tom Butcher, previously Managing Director with Rothschild, has joined BAML as Head of Transportation for the region.
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SYDNEY
Level 24
400 George Street
SYDNEY NSW 2000
Tel 61 2 9235 9400
MELBOURNE
Level 5
189 Flinders Lane
MELBOURNE VIC 3000
Tel 61 3 9653 8600

Stefan Edelman has rejoined Investec as a Director after departing the firm in September last year.

Richard Cooke, previously Vice President with Lazard in New York, has joined Nomura in a similar role in the FIG team.

Sean Miller & Julian Munro have both joined RBCCM as Managing Director & Director respectively. Sean comes from Macquarie in New York and
will be covering capital structuring advisory. Julian was previously at Citi and will be covering industrials & mining services.

CIMB bankers Craig Evans, Steven Katz and Brodie Treloar have joined Moelis & Co to establish a Melbourne office.

Charlie Lewis, previously of Investec, has been appointed as Partner, M&A with Ernst & Young based in Sydney.

David Chapman, Lloyds’ Head of Global Corporates, has joined Westpac as Executive Director, Head of Large Corporates (Victoria).

Ian King, ex Director DCM with RBS Markets & International Banking has joined Bankwest based in Brisbane as a Senior Relationship Manager.

Danny Fischer, ex BAML has been appointed as Global Head of Financial Institutions Solutions with NAB.

Wayne Zekulich CFO of Gindalbie Metals Limited has re-joined Deutsche Bank in Perth.
Private Equity & Principal

Mark Wilson, previously a founding Partner at Fisher Capital Partners, has joined Archer Capital as a Partner.

Archer Capital have also bolstered their team with the hires of Ryan Boers, ex Investec & David Brennecke, ex UBS, as Investment Associates.

Tim Russell, ex Goldman Sachs and previously consulting with Equis Funds Group in Singapore, is now Head of Indonesia with Equis.

Richard Facioni, previously Managing Director with Silverfern Group, has joined Alceon as an Executive Director.

Danny Gilligan & Simon Cant have co-founded Venture Capital group Reinventure – which will be investing in Australian technology ventures.
Danny has previous experience with APN News & Media and Simon was previously a Director at CANTT.

Rachael McVitty, previously Wesfarmers’ Head of M&A and Business Development, has joined CHAMP Private Equity as Vice President.

Alice Hua has also joined CHAMP Private Equity as an Associate, previously an Associate at Barclays.

Nicholas Speer, Executive Director at Catalyst Investment Managers, has joined The Riverside Company.

Terry Miu has joined Pacific Equity Partners as an Associate. She was previously an Associate with Morgan Stanley.

Nick Dignam of Catalyst Investment Managers, has joined Blue Sky Private Equity in Brisbane as an Investment Director.

Chris Coates, previously at Archer Capital, has joined Sankaty Advisors as an Associate in Melbourne.

Mark Youens previously Co-Head of Private Equity with Gresham Partners, has joined Aqueo - an import and distribution firm as CEO.

Michael Hruby has joined HRL Morrison as an Investment Manager. Previously he was an Associate Director at Catalyst Investment Managers.

Neil Sutton has left Gresham to head up an alternate debt business, sponsored by FIIG Securities & a prominent private equity fund manager.
Global Markets, Equities & Treasury

Tony Sacre has been appointed as General Manager, Global Head of Financial Institutions at AME Group - a global commodities research and
advisory house. Previously Tony worked for Bank of Sydney & Commonwealth Bank.

Jennifer Kruk, ex Deutsche Bank where she covered Emerging Companies Research, has joined Macquarie Bank covering the same sector.

Chris Pidcock, previously Head of Equity Strategy at Goldman Sachs, has joined REST Super to head up their Australian equities investment team.

Edison Investment Research has added George Gabriel (ex Evans & Partners), Tim Heely (ex Nighthawk Energy) & Bruce Mackay (ex Saffron
Capital) to the team. George will be joining the Australian office, covering consumer, financial & industrials, whilst Tim & Bruce will be joining
Edison’s New Zealand office, covering oil, gas & energy and industrial companies respectively.

Steven Mixter, previously Head of DCM Origination with Lloyds Bank, has joined Westpac as Director, Group Treasury.

Guy Bunce who was Head of Research at Citi has joined RBCCM.

Michael Malone, previously Head of Treasury Asia Pacific at Lloyds Banking Group, has joined Commonwealth Bank as General Manager, Group
Treasury.

Andrew Barnett has left UBS to join Nomura as Head of Inflation Trading.
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SYDNEY
Level 24
400 George Street
SYDNEY NSW 2000
Tel 61 2 9235 9400
MELBOURNE
Level 5
189 Flinders Lane
MELBOURNE VIC 3000
Tel 61 3 9653 8600

Justin Grimmond, previously at Nomura as Executive Director, has joined RBCCM.

John Ricciotti has joined FIIG Securities as Head of Bond Origination, joining from Lloyds/BOSI where he was Head of Melbourne.

Citi has added to its research team with Richard Johnson, ex Nomura, appointed as Director of small caps & emerging growth, alongside Director
Ross Barrows. Trent Allen, ex Bell Potter & Blue Ocean Equities, has also joined as Vice President, metals & mining.
Funds Management

Roger McIntosh, previously Head of Investment Strategy & Research at Vanguard, has joined LUCRF Super as Head of Investments.

Justin Greiner has been appointed as the new CEO for JBWere. He was previously with ANZ.

Damian Webb, previously at Perpetual, has joined First State Super as Head of Income & Real Assets. Michael Blayney, ex Perpetual & Dr Ross
Barry, ex Towers Watson have also joined First State Super as Head of Investment Strategy & Head of Research & Origination respectively.

Mike Norfolk has been appointed as Head of Private banking at ANZ and will be based in Sydney. Mike was previously at Coutts & Co, London.

Craig Balenzuela, previously Managing Director with K2 Advisors, has joined QIC as Director, Client & Consultant Relationships.

Phillip Hart joined Hunter Hall as Head of the Institutional Team, previously he was with Legg Mason & Constellation Capital.

James Alexander ex Redpoint Investment Management has been appointed as Head of Fixed Income with Tyndall AM. Roger Bridges, who was in
the role previously, will be Head of Fixed Income Strategy.

Rodney Comegys has been appointed Head of Investments Asia Pacific with Vanguard and will be relocating to Melbourne. He was previously
leading the exchange-traded fund trading and index analysis teams with Vanguard in the US.

Craig Lamb has been appointed as Head of Investment Strategy at CommInsure. Previously, Craig was the Head of Investments at Suncorp.

Stephen Alcorn, ex Australian Unity, has joined JP Morgan Asset Management as Head of Institutional Sales in Sydney.

Daniel van den Boom, previously at Morgan Stanley as Director, Institutional Sales has joined IFM as Director, Business Development.

Colin Taylor of JP Morgan has joined Legg Mason as Director for sales. At JP Morgan, Colin was Vice President of the institutional business.

Matthew Olsen, previously Head of Research at Select Asset Management, has joined Energy Industries Superannuation Scheme (EISS) as CIO.

AMP Capital has appointed Sean Henaghan & Mark Beardow to its leadership team to head up the multi asset group & specialist investment
teams. Simon Warner has replaced Mark as Head of Fixed Income. Previously, Simon was Head of Macro Markets.

Andrew Grimes, ex Platinum Asset Management, has joined Winton Capital as Head of the Sydney Office.

Chris Driessen, formerly Executive Director with Goldman Sachs, has joined T. Rowe Price based in the US.

David Frazer has joined T.Rowe Price as Senior Institutional Sales & Relationship Manager for Australia & New Zealand. Prior, he was Country
Head, Australia for Ashmore Investments.

Barbara Glover, AMP’s Head of Account Management, has joined Hunter Hall as Head of Retail Sales & Marketing.

Stuart Haigh has joined Partners Group as Head of Real Estate, previously Stuart worked for NABInvest as a Senior Investment Specialist.

Tim Bolger, previously of Bennelong Funds Management where he was a Business Development Manager, has moved to Watermark Funds
Management as COO & Head of Distribution.

James Panaretos, previously a Principal with Mercer, has joined State Super Financial Services as General Manager, Business Development.

Steve Tucker, previously CEO at MLC has been appointed as Head of Westoz Investment Management - a newly formed fund manager.

Drew Totterdell, previously a CFO at Ampella Mining Limited, has joined Taurus Funds Management based in Perth as head of their debt fund.

Matthew Cassin, previously with Commonwealth Bank as Executive Manager, Global Markets has joined Melbourne’s Catholic Development Fund
as General Manager, Strategy & Business Development.

Chris Siniakov & Andrew Canobi have been appointed as Managing Director & Director of fixed income respectively. Chris & Andrew were from
Deutsche Asset & Wealth Management.
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SYDNEY
Level 24
400 George Street
SYDNEY NSW 2000
Tel 61 2 9235 9400
MELBOURNE
Level 5
189 Flinders Lane
MELBOURNE VIC 3000
Tel 61 3 9653 8600
Corporate Infrastructure (Finance, Risk, Legal, Tax & Corporate Development)

Paul McCarthy of Morgan Stanley has joined iSelect as CFO.

Don Mackenzie has been appointed as CFO for Wilson HTM. He was previously a CFO & COO for Accounting Management Solutions.

Peter King has been appointed Group CFO at Westpac, he is currently Deputy CFO.

Pratish Patel previously Director, Finance at Ausenco has joined Stockwells Property Group in a COO/CFO role.

Simon James ex GE, has joined Challenger as Head of Credit Risk for Specialised Finance.

Alana Cheong of Clayton Utz has moved to Deloitte’s M&A Tax Practice in Sydney.

Manuel Makas joins Greenwoods & Freehills Sydney as Tax Director from PwC.

James Pettigrew has joined Deloitte as a Tax Partner from Greenwoods & Freehills.

Andrew Mills has joined the ATO as 2nd Commissioner from Greenwoods & Freehills.

Kaz Field has joined Norton Rose Fulbright as Tax Associate from Corrs Chambers Westgarth.

Lisa Davidson previously Director at PwC has joined Future Fund to head up the tax function.

Shirley Chang has joined JP Morgan as a Senior Tax Associate from KPMG.

Andrew Jones, previously Senior Tax Manager at KPMG Brisbane, has joined Seymour Whyte Construction as Tax Manager.

Jennifer Schlosser has joined Ashurst as a Partner, she was previously a Special Counsel at King & Wood Mallesons.

Greg Nicholas has joined Macquarie Bank in their Corporate & Asset Finance team. He was previously with King & Wood Mallesons.

Lisa Cuman joined Citi as a Senior Lawyer from Herbert Smith Freehills. She was previously with Citi in London.


Anne Clarke has joined AMP as Head of Legal, Product. She was previously Executive Counsel with Herbert Smith Freehills.
Elizabeth Gray joined K&L Gates as a Partner in their funds team from Henry Davis York. She has been joined by Senior Associate Matthew Watts
Lisa Lautier & lawyer Edward Vassie.

Danny Herceg has been appointed as the Lead Partner in Hall & Wilcox’s corporate & commercial team. He joins the firm after running his own
practice for 12 years.

Senior Partner Mike Ferraro has been appointed to head up Herbert Smith Freehills corporate practice globally. He will be based in Melbourne and
share the title with Patrick Mitchell based in London.
We are keen to hear your feedback or should you require further information,
please contact Nissa Teguh on 02 9235 9404 or [email protected]
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