Deutsche Bank AG (DBK), Germany’s largest lender, named Paul Stefanick and Henrik Aslaksen to co-run the firm’s global investment-banking coverage and advisory business as the firm looks to expand in the U.S.
The two succeed Jacques Brand, 52, who was chosen to run all of the bank’s North American operations in November, according to an internal memo e-mailed to employees today.
Stefanick, 52, who joined Deutsche Bank from Merrill Lynch in 2009, also will help lead the corporate finance unit in North America with Mark Fedorcik, according to the memo. Mayura Hooper, a spokeswoman for the Frankfurt-based lender, confirmed the contents of the memo.
Deutsche Bank’s investment-banking unit is expanding its reach with the biggest companies in North America, brokering deals last year with Ford Motor Co. (F), Walt Disney Co. (DIS), Kraft Foods Inc. (KRFT) and EBay Inc. (EBAY) The firm generated 1.82 billion euros ($2.45 billion) from investment banking in the first nine months of 2012, up 1 percent from the same period a year earlier and 9 percent from 2010.
The mergers-and-acquisitions advisory business has been taking share from larger competitors. It ranked sixth among global dealmakers last year with 16.7 percent of the total market and $371.5 billion in volume, up from ninth place in 2011, with 9.7 percent of the market and $233.7 billion in volume, according to data compiled by Bloomberg.
John Eydenberg will help Stefanick run the investment- banking coverage and advisory business in the Americas, which advises corporations on M&A and when to issue debt or equity.
Stefanick has been running Deutsche Bank’s industrial, consumer, health care and Latin American investment banking coverage teams while Aslaksen most recently led mergers and acquisitions globally and will continue to oversee corporate finance in Europe, the Middle East and Africa.
At Merrill Lynch, Stefanick was chairman of global mergers and acquisitions. He joined that firm’s M&A group in 1988 and has advised on merger, acquisition, sale, divestiture, takeover defense and recapitalization assignments, primarily in industrials and technology. Aslaksen, 49, also worked for Merrill and was responsible for M&A in Europe, before joining Deutsche Bank in 2002.
All of the men will report to Colin Fan and Robert Rankin, who jointly run the broader corporate banking and securities unit. Fan, 39, and Rankin, 49, both of whom signed today’s memo, said in September that they want the company to remain among the top three global investment banks in 2015. They said they expect the firm to be a “likely winner” of consolidation in the industry.
Deutsche Bank wants to raise the percentage of corporate clients for which it’s a top-three bank to 55 percent in 2015 from 33 percent in 2009, Fan and Rankin said in September.
“We are delighted to have an executive of Paul’s caliber join our corporate coverage franchise,” Brand said in 2008, when Stefanick’s move from Merrill Lynch was announced. “He is a strong leader and a trusted adviser to CEOs and boards of many important global clients, particularly in the industrials sector which is a key area of focus for Deutsche Bank.”
The corporate banking and securities unit generated 14.9 billion euros in net revenues in 2011, about 45 percent of the firm’s total that year. The company, which is scheduled to report 2012 figures on Jan. 31, said in September that it’s targeting an after-tax return on equity of about 15 percent at the investment-bank unit in 2015.
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