Nomura hired Deutsche Bank's favourite rates trader
Kilian Frensch, the Deutsche Bank London rates trader whom everyone at DB seemed to love, has resurfaced. As (we) predicted, he's joining Nomura.
Frensch will be Nomura's head of European interest rate swap (IRS) trading, reporting to Olek Gajowniczek, the bank's deputy head of EMEA flow rates trading. He joined Deutsche Bank in 2015 and left amidst the bank's recent exodus of rates professionals.
Insiders at Deutsche have been lamenting Frensch's disappearance. "He was the driving force behind linear rates derivatives and a huge team player, easy to work with and commercial," says one. "Kilian was a rising star with a growing team and was rated across the bank," says another. The supposition is that Deutsche Bank would have quite liked to keep him.
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Nat Tyce, the head of global markets EMEA at Nomura, is pleased that Kilian's come there instead. He said: “Kilian’s success developing a top tier client-driven franchise and implementation of a leading electronic platform will help deliver a deeper swaps offering and improved execution capabilities to our clients, and complement our existing strengths in Rates.”
Nomura hired Tyce himself from Barclays in June. Tyce spent 25 years at Barclays and was global co-head of macro trading, and head of macro trading EMEA and APAC. Some rates traders in London are eyeing Nomura's new team with interest: "Nat Tyce and Kilian Frensch are both stars that could transform Nomura for both business and culturally," observes one.
Darryl Li, another rates trader, left Deutsche Bank around the same time as Frensch. Li has also now found a new job: he joined hedge fund/family office BlueCrest as a partner on October 2nd.
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