Macquarie Group Ltd., the Australian bank whose head of U.S. equity capital markets quit this week, lost the head of U.S. financial sponsors coverage, David Baron, after one year at the firm, according to two people briefed on the departure.
Baron was a managing director at the Sydney-based bank, according to the people, who declined to be named because the departure wasn’t made public. Equity capital markets head Jim Rossman resigned earlier this week after two years at the firm, spokesman Stephen Yan confirmed June 16.
Macquarie has lost one managing director from the U.S. investment-banking business in the last 18 months, Yan said today. The firm has about 250 bankers in the unit and is continuing to hire new employees, he said.
Macquarie has expanded its U.S. investment-banking business in the past two years, purchasing boutique investment bank Fox- Pitt Kelton Cochran Caronia Waller LLC in December for about $146.7 million. Baron was hired in February 2009 after having previously worked at Lehman Brothers Holdings Inc., the New York Times reported at the time.
Macquarie generated $1.35 billion of revenue from the Americas for the year ended March 31, more than triple that of a year earlier.