Financial News presents a round-up of the week's top hires and job switches in the financial services industry.
Deutsche Börse
Kengeter, who has been out of the industry since leaving UBS last summer, is to replace Reto Francioni in June next year after Deutsche Börse’s AGM, according to a statement from Deutsche Börse.
Kengeter had previously spent more than a decade in a variety of fixed income, currencies and commodities roles at Goldman Sachs.
He moved from Hong Kong, where he had co-led the US bank’s securities division in the Asia ex-Japan region, to London to join UBS in late 2008 and jointly run the Swiss bank’s FICC business with another recent hire, Jeffrey Mayer.
Their arrivals in 2008 at UBS saw the FICC business under new leadership for the third time that year. Former UBS Pactual banker Andre Esteves had stood down from running global FICC in May 2008 to focus on running UBS’s Latin American business, with the investment bank’s chairman and chief executive Jerker Johansson taking on oversight of FICC until the new leadership team arrived.
Kengeter had been due to start in early 2009, but the seismic events of late 2008, when the financial crisis claimed the scalp of Lehman Brothers, prompted an early start for the new FICC chief, whose business was already being slimmed down and de-risked after UBS suffered billions of Swiss francs in writedowns.
With the restructuring in full swing, Kengeter was named co-chief executive of UBS’s investment bank alongside Alex Wilmot-Sitwell in late April 2009 after the resignation of Johansson, with the pair continuing with the effort to reshape the investment bank.
Kengeter was sole CEO and chairman of the division between November 2010, when Wilmot-Sitwell moved to Hong Kong to become co-chief executive and co-chairman of Asia-Pacific business, and July 2012. That was the year that Andrea Orcel, Bank of America Merrill Lynch’s executive chairman and president of emerging markets excluding Asia, decamped in a shock move to become co-head of UBS’s investment bank with Kengeter.
At the end of October that year, Orcel took sole charge and Kengeter switched to run the Swiss bank’s non-core asset portfolio of businesses and trading positions it had been winding down in the wake of the financial crisis.
He eventually left the bank in the middle of last year, and has since been a visiting professor in the London School of Economics’ department of finance.
