Banking on young talent
This is the first FN 40 Under 40 Rising Stars in Investment Banking, Financial News’s editorial pick of the bright young things in the industry
Matt Turner and Yasmlno Ghtmnala (Financial News)
It doesn’t take a genius to work out that investment banking has had yet another annus horribilis, and next year could be even worse. The endless saga of the eurozone crisis, the unhalting march of regulators and the spectre of Europe-wide deleveraging hold all parts of the business in a vice-like grip.
But where there is panic and dislocation, there is opportunity, as demonstrated by the 40 listed here.
Financial institutions are trying to find ways to bolster their balance sheets, so there is a strong contingent of FIG bankers on the list. With a slowdown in the western world, banks are turning to emerging markets, where young executives with local market knowledge are in high demand.
Specialist boutiques are blossoming as they are able to hire top talent and compete in niche areas where their bigger rivals are being forced to cut back. And when management make deeper cuts and restructure at the highest level, young blood is flowing in.
There is a high level of seniority on this list, which is reflected in their higher average age compared to previous Rising Stars lists in other sectors – the median and mode age is 36 and the mean is 36 years and a quarter, compared to 2010’s cross-sector Rising Stars average of 34.
Their greater maturity also reflects a shift in the industry back to the nuts and bolts of client coverage, and building those relationships takes time.
Women are notable for their absence. There are only three female Rising Stars drawn from just eight nominees, indicating that banks still have a lot of work to do on the diversity front.
Over the past three months, Financial News canvassed the market for opinion and drew up a longlist of more than 150 potential Rising Stars. All nominees had to be under 40 on December 5, based in Europe, the Middle East or Africa, and working in the investment banking industry. Candidates were then assessed by FN’s editorial panel on four criteria: achievements to date given their age, stature of their mentors, firepower at their disposal and their potential to reach a position of great influence. The longlist was then whittled down to the final 40 listed here. The list is not ranked.
Chief executive of UK and international, VTB Capital
A former co-head of rates and foreign exchange sales in Europe at Goldman Sachs, Bostandjiev joined VTB Capital, the investment banking arm of Russian state-owned VTB Bank, in May. He is in charge of the business outside Russia. Established three years ago, VTB has offices in London, Vienna, Frankfurt, Dubai and Singapore, and since Bostandjiev’s arrival has opened in Hong Kong, and won regulatory approval to open in New York. Before joining Goldman, Bostandjiev was at Merrill Lynch, where he worked on the first collateralised debt obligation based on FX contracts in 2007. He is currently reading Crisis Economics by Nouriel Roubini.