Barclays appoints Australia IB co-heads

Paul Early and Richard Satchwell replace Tim Lindley, who left the company last month.

Barclays has appointed Paul Early and Richard Satchwell as co-heads of investment banking for Australia.

They replace Tim Lindley, who moved from co-head to sole head in August when fellow co-head Daniel Janes quit. Lindley himself left the company last month.

Early and Satchwell will continue in their current regional roles as head of natural resources and head of loan capital markets, respectively.

“The appointments reflect the pair’s strong leadership skills and contribution to the Australian franchise and wider region over recent years,” said a statement from Barclays seen by FinanceAsia.

Both will report to Patrick Kwan and Reid Marsh, co-heads of investment banking Asia-Pacific, and to Jeff Deck, Barclays’ country manager for Australia.

Early joined Barclays in 2007 from Investec Bank (Australia) and moved to Hong Kong in 2012 to take up his current role. He will relocate to Sydney in the next few months.

“Returning to Australia in this role provides a great opportunity for me to help build out our Australian franchise; the experience and understanding I have gained from working in Asia over the past three years will provide valuable insights to our Australian clients,” Early told FinanceAsia.

“We have a clear, focused strategy to grow the business, and I’m looking forward to executing with the support of my colleagues in Australia, Asia and across the global franchise,” he said.

Satchwell, meanwhile, joined Barclays in London in 2005 and moved to the loan capital markets team in Australia in 2007.

He was appointed co-head for the loans business across Asia-Pacific in 2010 and took sole responsibility earlier this year. He was also made head of global finance and risk solutions Australia in 2013.

Total Australian investment banking revenue has stalled somewhat in the past five years, whether in mergers and acquisitions, equity capital markets and debt capital markets. In 2010 it hit $2.01 billion, $2.3 billion in 2011, $1.8 billion in 2012, $1.6 billion for 2013 and $1.8 billion for 2014 year-to-date, according to Dealogic data.

Barclays is a relatively small fish in the country in terms of revenue and did not feature in the investment bank top-10 during this period.

“Barclays has operated a leading investment banking business in Australia for 15 years and has played a key role in recent landmark deals, including the largest-ever offshore hybrid bond from an Australian issuer, Origin Energy,” Deck said in the Barclays statement.

Deck added that Barclays aims to build its franchise in 2015 by strengthening client relationships.

Year of upheaval

It has been something of a tumultuous year for Barclays in the region with numerous high-level departures and arrivals, and job cuts within investment banking.

Robert Morrice, chairman and chief executive for Asia-Pacific, retired in June and Matthew Ginsburg, regional head of investment banking, took up a position outside the region.

Jason Rynbeck, vice-chairman of M&A for Asia-Pacific, left Barclays to join HSBC as its head of M&A for the region, and Marc Benton, Asia-Pacific head of oil and gas investment banking, also left.

However, Reid Marsh, one of Barclays’ most senior investment bankers, was brought in to Hong Kong from London over the summer as co-head of investment banking for the region, working with Kwan.

Marsh’s pedigree was seen as reinforcing the bank’s operations in the region: he worked on various big ticket deals including Volkswagen’s €4.5 billion merger with Porsche and Tata Motors’ $2.3 billion acquisition of Jaguar Land Rover.

¬ Haymarket Media Limited. All rights reserved.
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