BofA EMEA Block Trade Head Frankfurt Moving to Anoa Capital

Updated on
  • Frankfurt will help set up Anoa's global markets division
  • Anoa Capital is linked to private-equity firm Sapinda Holding

Paul Frankfurt, head of block trades for Bank of America Corp. in Europe, the Middle East and Africa, has left the firm to join investment advisory services business Anoa Capital S.A.

Frankfurt, who joined the U.S. investment bank in 1999, according to his LinkedIn profile, will help set up the global markets division of Anoa, according to an e-mailed statement. Robin Bagchi will head the division.

Bagchi was head of U.K. at German financial group MainFirst Bank AG and started his career at Goldman Sachs Group Inc., according to the statement. Anoa Capital is linked to private-equity firm Sapinda Holding BV.

Anoa plans to hire at least 50 people for the research-led brokerage which will provide business services for debt and equities, Bagchi said.

A spokeswoman for Bank of America confirmed Frankfurt has left.

Bank of America is ranked third in managing additional share sales in EMEA this year, compared with fourth in April 2013 when Frankfurt’s position was announced. Goldman Sachs and UBS AG are ranked first and second respectively, helped by their role advising on Banco Santander SA’s $8.9 billion share sale, the largest in Europe this year.

Under Frankfurt, Bank of America undertook some of the largest block sales of 2015, including the Italian government’s $2.5 billion sale of a stake in Enel SpA as well as Permira Advisors exiting its stake in German retailer Hugo Boss AG with a $1 billion share sale.

Frankfurt’s move follows other recent changes in equity capital markets banking. Giacomo Ciampolini, the head of European block trades at Goldman Sachs, left to join Citigroup Inc. this month, according to an internal Citigroup memo. The bank has named William Smiley, a managing director in London, as Ciampolini’s replacement, a spokesman for the bank said.

Christian Gaertner, head of equity capital markets for Germany, Switzerland and Austria at Bank of America, left to join HelloFresh GmbH as its chief financial officer.