Credit Suisse shakes up M&A division as Swiss bank slips in global M&A activity
By Ambereen Choudhury
(Bloomberg) — Credit Suisse Group (CS), Switzerland's biggest bank by market value, named Boon Sim global head of mergers and acquisitions in a shake-up of its teams advising U.S. and European companies on takeovers.
Sim, 47, will be replaced as head of U.S. mergers by Andrew Lipsky, the bank said in an internal memo today. Giuseppe Monarchi will replace David Livingstone as head of European M&A. Livingstone, 46, will return to his native Australia as chief executive officer of Credit Suisse Australia. The contents of the document were confirmed by a Credit Suisse spokeswoman in London.
The Zurich-based bank is changing the leaders of its merger advisory teams after Marc Granetz, who was head of M&A worldwide as well as co-head of the global investment banking department, was named the division's chairman in October. He will take up that job at the end of this year.
Credit Suisse is the ninth-ranked adviser on global M&A this year, down from eighth place in 2008, according to data compiled by Bloomberg. The Zurich-based bank's share of the advisory market dropped to about 13 percent in 2009 from 17 percent in 2007, the data show. Advisory revenue fell 67 percent in the third quarter from the year-earlier period to 106 million Swiss francs ($102 million), the lowest since the start of 2005.
Sim, who grew up in Singapore and is a former semiconductor designer, joined Credit Suisse predecessor First Boston Corp. in 1991. He will report to investment banking co-heads Jim Amine and Luigi de Vecchi. He advised Kohlberg Kravis Roberts & Co. on its $26 billion purchase of First Data Corp. in 2007 and Avaya Inc. on its $8.2 billion sale to TPG and Silver Lake, two U.S. private equity firms.
Amine, de Vecchi
"This group will lead one of the bank's most critical strategic advisory businesses," Amine and de Vecchi wrote.
Livingstone will be replaced by Monarchi, co-head of European technology, media and telecommunications investment banking in London, according to the memo. He advised Italy's Lottomatica SpA on its $4.7 billion purchase of U.S. gaming equipment maker Gtech Corp. in 2006.
In Sydney, Livingstone will replace David Trude, who will continue to work with the bank as an adviser. Joe Gallagher will continue to run the bank's Asia Pacific M&A team from Hong Kong.
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