THE problems at Bank of America Merrill Lynch’s (BAML) UK equities franchise deepened yesterday as it emerged that two key members of the group’s oils team were leaving.
City A.M. has learned that the highly regarded analyst Alejandro Demichelis, co-head of the bank’s oil and gas team, and his sales trading colleague Andy Crispin are leaving to join French rival Exane.
Demichelis, who follows companies such as BP, Shell, Cairn and Afren, has worked at BAML since 2005. He joined from the energy consultancy Wood Mackenzie after getting an MBA from Edinburgh University in 2001. Last year he was voted number three in the Extel survey. Crispin was voted number three in specialist sales in 2010.
It is not clear why Demichelis has decided to join Exane but it is understood he will be able to participate in the firm’s profit-sharing scheme which might prove financially beneficial
There will be fears that BAML’s strong franchise in the oil and gas sector will be under threat, with these latest departures following the exit of Andrew Osborne, the group’s corporate broker who specialised in the oils and gas sector.
Osborne left the firm last year and later faced a regulatory fine.