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Morgan Stanley builds in Moscow as talent war changes focus
Friday, September 21, 2007
Deutsche Bank has suffered further defections from its Russian investment banking business as the race to recruit has switched focus to up-and-coming talent. Related Stories Lehman hires two in Russia drive 04 Sep 2007 Goldman co-chief quits to join Russian billionaire 31 Jul 2007 Lazard breaks into Russia 19 Jun 2007 Third managing director quits UBS in Moscow 18 May 2007 Anton Inshutin and Alexey Makhnyov have left Deutsche for Morgan Stanley, which is building its sector coverage.

Inshutin has been appointed as a director in charge of the bank’s technology, media and telecoms team, while Makhnyov has joined as a vice-president and head of consumer and retail. Last week, Lehman Brothers hired Oksana Buto from Deutsche Bank, which has recently reshuffled its Russian operation after announcing that its most senior Russian rainmaker, Ilya Sherbovich will leave when his contract runs out next year. The appointments by Morgan Stanley and Lehman show a shift by big firms to hire up-and-coming talent after a fierce battle for the services of senior bankers pushed compensation packages to record levels and has seen more than 30 bankers switch firms this year.

Lehman re-entered Russia earlier this year after a seven-year absence and hired Nick Jordan from Deutsche Bank. Jordan, who is one of the most experienced bankers in Russia is building Lehman's operation by hiring talented junior bankers.

Local banks are also driving up prices, with Ed Kaufman, the former head of UBS in Moscow, switching to Moscow's Alfa Bank on a guaranteed compensation package of $20m (€15.4m) over two years. Goldman Sachs’ co-heads of Russian investment banking both left for local firms, with Gordon McCulloch heading for Renaissance Capital and Magomed Galaev leaving to work for an oligarch. Galaev was previously at Morgan Stanley, which poached Elena Titova from Goldman Sachs to run its Russian business.

Deutsche Bank has the biggest investment banking staff in Moscow and built a leading position through an acquisition of local brokerage United Financial Group. The bank was ranked number one in Russian M&A last year, according to Thomson Financial, a data provider. It is also set to overtake Sherbovich is one of three founders of UFG and will leave the bank with more than $200m in stock and compensation next June.
   
 
 
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