RBC Names BNP's Prencipe to Head London Financials Trading

  • Canadian firm also hires Duncan Lake as high-yield strategist
  • RBC has been reorganizing its credit-research team in the U.K.

Royal Bank of Canada hired BNP Paribas SA’s Raffaele Prencipe as head of financials trading for its capital-markets operations in London.

Prencipe, 30, will focus on building RBC Capital Markets’ financials trading offerings as the firm develops its European credit business, the Toronto-based lender said Monday in an internal memo. Prencipe, who spent six years as a credit flow trader at BNP Paribas, will report to James Chapman, head of European credit trading.

Royal Bank also hired Duncan Lake as a high-yield strategist for its European credit sector strategy team. Lake, 40, joins as a director, and reports to Roger Appleyard, the team’s European head. Lake most recently worked at Nomura Holdings Inc., covering packaging, chemicals, shipping and industrials, and earlier was at Societe Generale SA and Royal Bank of Scotland, according to the memo. His job was among about 60 fixed-income and credit-derivative positions cut by Nomura in London in August.

Royal Bank, Canada’s largest lender by assets, reorganized its credit research team in London last month and placed them under sales and trading. Research analysts were shifted to specialist strategist roles within RBC’s fixed-income and currencies operations. With Lake’s appointment, the European credit sector strategy team now consists of six specialists covering investment grade and high yield, the bank said.

(An earlier version of this story corrected the spelling of Duncan Lake’s name.)

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