Macquarie hires Deutsche's Fass as European head

City A.M. Reporter
Australia's biggest investment bank Macquarie has hired Deutsche Bank's David Fass as European chief executive, after a year-long hiatus prompted by his predecessor's sudden departure.

Fass will lead a group that has grown dramatically in the region – European headcount has leapt 60 per cent in three years as Macquarie has bought Transatlantic and German businesses and opened offices in Moscow and Stockholm.

Fass, named Macquarie's chief executive officer for Europe, the Middle East and Africa, spent ten years at Deutsche in London, including a stint as European head of Deutsche's global banking division, Macquarie said.

Fass stepped aside from that role in late 2009, when Stephan Leithner and Jacques Brand were named Deutsche's co-heads of global investment-banking coverage and advisory, but remained a managing director in Deutsche's corporate finance team.

"There is a real commitment to grow the business in the region, and I am personally committed to building on the strong foundations in place," Fass said in a statement on Friday.

Macquarie had originally appointed former Lehman Brothers banker Benoit Savoret as CEO for EMEA, but he resigned in April 2010 after just a month in the role.

This week Savoret was named joint head of global equities at Nomura.