CSFB will appoint David Olson as regional head of investment banking and bring Neil Harvey from New York to run the emerging markets coverage group.
It is an exciting rebound in Olson's fortunes. Olson is the go-getting American who had been given the mandate by DLJ to build a credible Asian franchise. A 15-year veteran of DLJ, he came to Asia in 1999 after managing DLJ's US financial institutions group. As head of DLJ in Asia he was doing a tremendous job of building an equities and corporate finance team.
But when CSFB bought DLJ last year, all those Asian plans began to unfurl. Many assumed Olson would leave Asia.
However, with Everard's departure he now has the opportunity to build once again. Olson will run investment banking in Asia, Japan and Australia/New Zealand. Directly reporting to him will be the dynamic Australian, Alastair Walton, who is the head of investment banking for Asia. Olson will also have the heads of investment banking in Japan and Australia reporting into him in Hong Kong.
FinanceAsia reported yesterday that Everard, who was regional head of investment banking and also global head of emerging markets, was departing CSFB's sunny shores. The 40-year-old Englishman had decided to retire after turning down a big CSFB job in Japan. Everard was reputed to be the best-paid banker in non-Japan Asia.
His emerging markets coverage group role will be taken over in Asia by Neil Harvey, who was head of the Latin American coverage group in New York. He is an old Asia hand, having been based in Singapore for six years with the fixed income emerging markets group. His new role will be to run what CSFB calls the "emerging markets coverage group". This gives him oversight of all client coverage officers in Asia. This department funnels deals into the bond and derivatives divisions, as well as the investment bank.