UBS has almost double the market share to its US rivals in local cash equities, but competing banks are confident new hires will help close the gap to the Swiss bank. This year, however, JPMorgan and Morgan Stanley have leapfrogged Credit Suisse as investors take their business elsewhere while UBS completes its takeover. 2 cash equities desks in Australia for three years straight, IRESS data showed. ![]() With Credit Suisse’s assumption by UBS, JPMorgan and Morgan Stanley are now in the box seat to win market share in Australia’s cash equities space. Ms Spencer’s hire is the latest in a slew of moves at global banks, which have bolstered their Australian equities teams as robust revenues from equities trading make up for weakened fees from investment banking and capital markets activity.Įarlier this month, Jefferies hired Wei Sim from Macquarie Capital as a technology analyst to cover small- and mid-cap companies, while Mike Johnson agreed to join the US bank from Macquarie to lead Jefferies’ equity capital markets syndicate desk.Ĭredit Suisse’s beleaguered equities desk, meanwhile, has haemorrhaged talent since UBS agreed to an “emergency rescue” of its local rival in March.Įquities sales trader Jessica Toomey and Sam Speer, Credit Suisse’s head of small-cap sales, both joined Jefferies last month, while Barrenjoey hired Eugene Budovsky, who managed low-touch/electronic trading at Credit Suisse, in early April. JPMorgan’s Australian cash equities business is picking up business from the Credit Suisse fall. Previously, she spent nearly six years at capital markets and institutional broker CLSA. Ms Spencer handled small-to-mid-cap sales and emerging company equities at Goldman Sachs for the past two years. ![]() Known as Tilly, she will report to Alex Menzies, the head of equities sales, and work with Peter Meletis, who manages institutional equity sales. Based in Sydney, Ms Spencer will focus on small-to-mid-cap equities sales and is due to start at the end of June, a spokesman for JPMorgan told The Australian Financial Review. The most recent, announced to staff on Wednesday, was the poaching by JPMorgan of Ottilia Spencer from its rival, Goldman Sachs. A slowdown in deal-making and an increase in volatility is helping to bring equities sales – not often the glamour team of the global banks – to the fore, with a string of moves at the local branches of Wall Street giants.
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