LONDON, Sept 7 (IFR) - Mike Paliotta, who headed up equities at Credit Suisse until earlier this year, has been appointed chief executive of Evercore ISI, the equities operation of expanding investment bank Evercore.
Evercore is primarily considered an advisory boutique formed to rival established houses such as Lazard and Rothschild. Unlike them and other peers such as Moelis and PJT Partners, Evercore also offers a full service equities research and execution business.
The hire of experienced market hand Paliotta, who was head of equities in Credit Suisse’s global markets division until his replacement by Mike Stewart in June, shows the importance the firm it putting on the business.
Evercore said Paliotta would take up his post “once he has completed his obligations to his current employer”. Paliotta has spent 18 years at Credit Suisse in various equities roles.
He will work closely with Evercore ISI’s executive chairman Ed Hyman in managing the division and setting its strategy.
Equities is undergoing sweeping changes around the world.
Cash business is being eroded by cheaper electronic offerings and operators in Europe will charge clients for their research from January when MiFID II takes effect. Many banks currently bundle research with trading costs.
Trading across the street has been tough over the last 18 months too.
Credit Suisse CEO Tidjane Thiam said equities was a core investment banking business to grow, but it has lost several key staff in the area. Leavers include former markets boss Tim O’Hara, Stephen Dainton, who left to become global head of equities at Barclays, Matt Mallgrave and Paliotta.
The bank has also seen Matt Pecot and Donald Lee in Asia-Pacific leave.
Replacements have been found for many of them.
Stewart joined from UBS and Neil Hosie was made head of equities for Asia Pacific. He moved from Deutsche Bank. Mike Di Iorio, global head of equity sales at Barclays, switched to Credit Suisse as head of equities for EMEA. And last month Michael Ebert was made global head of equity derivatives. He joined from BAML and started this week. (Reporting by Christopher Spink)