Religare Capital Markets Appoints Head of Institutional Equities, India

New Delhi: Religare Capital Markets Ltd (RCML), the investment banking and institutional securities arm of Religare Enterprises Ltd (REL), has announced the appointment of Gautam Trivedi as MD and head of institutional equities, India.Gautam joins RCML with over seventeen years of financial services experience, most recently at Goldman Sachs, where he worked for seven years, latterly as MD and head of sales in India.

He was also a member of the Board of Directors of Goldman Sachs India Pvt Ltd. Previously, he served as executive director, Asian equity sales in Hong Kong. Prior to Goldman Sachs, he was vice president, corporate finance, for Reliance Industries Ltd in Mumbai.Gautam began his career as a research analyst at DSP Merrill Lynch Ltd and went on to work in senior roles at CLSA and Jardine Fleming Hong Kong.


He has an MBA from the University of Southern California and a Bachelor of Law and Commerce from the University of Bombay.Gautam, who will be based in Mumbai, is the latest in a series of high profile hires at Religare Capital Markets Ltd who, along with the global management team, will lead the growth of the firm's institutional securities business.

RCML is now present across rising markets and has some 300 staff, counting over 40 analysts covering a broad range of industry sectors, speculation themes and macro-economics.Tarun Kataria, chief executive officer, Religare Capital Markets India, said, "We are delighted to welcome Gautam to the team as head of institutional equities for India. We are confident that he will provide the leadership required to drive our rapidly growing institutional equities business."

Anglo-Irish Bank Chief Executive Drumm Corrects Bankruptcy Errors

OLD Anglo-Irish Bank chief executive David Drumm said information about a new lawsuit filed against him by former shareholders of the bank and discounts totaling approximately € 1,000,000 described accounts or jointly with his wife in his accounts or language, according to a new bankruptcy archiving in Boston.

Mr. Drumm, who filed for bankruptcy in October, corrected several errors and omissions - many of which relate to transfers of money to his wife - in their financial situation in the filing with the Bankruptcy Court for the District Massachusetts yesterday. The errors were described as "accidental" on his part.
The new statement of affairs, which adds considerable detail to the document filed last October, says Mr Drumm, who resigned as chief executive of the bank in December 2008, faces a potential legal claim from former Anglo shareholders Jayne Mollard, Brian Doyle, Belinda Ennis, Michael J Curley and Anne Marie Kidney.

Shareholders saw their investment wiped out when Anglo was nationalised in January 2009.

Mr Drumm also states that he made 12 transfers of cash from his personal account or the account of his business, Harborlight (since renamed Delta Corporate Finance), to a bank account he shared with his wife, Lorraine. These transfers were made between November 6th, 2009 and September 27th, 2010.

A further 13 transfers were made from Mr Drumm's accounts at Anglo and AIB or from the proceeds of the sale of his assets to his wife between October 20th, 2008 and September 28th, 2009.
The largest transfer was €372,561, which was moved from a shared account at AIB in the names of Mr Drumm and his wife to another account belonging to his wife at the same bank on December 15th, 2008 - four days before Mr Drumm resigned from the bank.

He transferred €180,000 from their joint AIB account to his wife's account at the bank three days earlier. On the same day, the proceeds from a €250,000 mortgage on a property in Skerries, Co Dublin was transferred to her AIB account, according to the filing.

On March 11th, 2008 Mr Drumm transferred €80,000 and €50,000 in two transactions - the first from a joint account at AIB to his wife's AIB account and the second from Mr Drumm's Anglo account to an account at the bank belonging to his wife.

After leaving the bank, including Mr. Drumm transferred proceeds of € 46k on the sale of its cars. Mr. Drumm has also transferred $ 100,000 from their joint account to account for his wife on 12 June 2009 AIB. “It occurred to me [me], she did not know where the money was, so she took a lot more money, Drumm said in evidence.

Melbourne Norton Rose loses head of M&A

THE head of Norton Rose's capital markets group has left the firm's Melbourne office for Beijing's escalating flow of M&A work.

Corporate finance partner Michael Wilton takes 25 years experience in mergers and acquisitions to Norton Rose's Beijing office where he will be a corporate finance partner.

He the region has seen "unprecedented growth, a thirst for resources".

He said there is "an appetite for gaining footholds in countries that have traditionally proven difficult to gain entry".

"Chinese corporations are increasingly looking to access overseas markets through mergers, acquisitions and joint ventures. This is coupled with an increasing trend toward securing additional equity financing in offshore exchanges including Hong Kong, London, New York, Toronto and Australia.”

Wilton specializes in equity and debt capital markets. His expertise includes cross-border transactions involving Chinese outbound investment.

Peter Burrows, head of the Norton Rose China practice, said the new recruit has the necessary skill, expertise and years of transactional experience.

He will "provide a valuable additional resource in Beijing for clients seeking to expand abroad and make an impact at a global level", Burrows said.

Norton Rose has an recognized presence in Beijing and Shanghai, and its China practice advises international clients across a broad range of industries, dealing with major M&A transactions, capital raising, infrastructure projects, foreign direct investment, and arbitration.

Corporate Finance Groups Warned of 'Patchy' UK Rebound

The UK economic recovery will remain "choppy" over the next two years, according to a new report from the CBI. 

Corporate finance groups have been advised that Britain's economic rebound is likely to remain sluggish over the next two years, after a new report cited concerns over government spending cuts.

According to the Confederation of British Industry (CBI), the UK's gross domestic product will climb by 1.7 per cent this year and 2.2 per cent in 2012 - both downgraded by 0.1 per cent on February's forecast.

"The recovery continues to be choppy ... Expansion in certain sectors is being offset by weaker performance in others," said CBI chief economic adviser Ian McCafferty. "What remains striking is how little we expect the pace of growth to accelerate."

Director general John Cridland added that although the process of "rebalancing" Britain's finances was always bound to take a considerable amount of time, there will be few signs of a genuine recovery until at least 2013.

Last week, the CBI welcomed the Bank of England's decision to keep interest rates on hold at 0.5 per cent, but predicted the Monetary Policy Committee would begin normalising its fiscal stance by the end of 2011.