Royal Bank of Canada hired BNP Paribas SA’s Raffaele Prencipe as head of financials trading because of its capital- markets operations working in london.
Prencipe, 30, will concentrate on building RBC Capital Markets’ financials trading offerings because the firm develops its European credit business, the Toronto-based lender said Monday in an internal memo. Prencipe, who spent six years like a credit flow trader at BNP Paribas, will report to James Chapman, head of European credit trading.
Royal Bank also hired Duncan Lake like a high-yield strategist because of its European credit sector strategy team. Lake, 40, joins like 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 working in london last month and placed them under sales and trading. Research analysts were now use specialist strategist roles within RBC’s fixed-income and currencies operations. With Lake’s appointment, the ecu credit sector strategy team now consists of six specialists covering investment grade and yield, the financial institution said.
Bloomberg News
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