Ryan Bacher has resigned from his job as co-head of prime brokerage at Deutsche Bank. He is rumoured to be joining Barclays in a senior position in the bank's Asian prime broking unit. It is being speculated that he could be taking the role once earmarked for Matt Pecot, who subsequently joined Credit Suisse having been tipped for a top job at Barclays. When approached, Barclays did not confirm or deny these rumours.
Bacher had been co-head of prime brokerage at Deutsche Bank in Hong Kong handling the client service team, stock lending and trade booking. He worked alongside Derek Wong, who runs the risk side and is now de-facto sole head of that side of the business. It is understood that the team is of a sufficient size and capacity to absorb Bacher's departure without making any urgent changes, but a hire may take place at some future point.
Deutsche has made inroads into the market share of its competitors in the past 12 months, and has reportedly picked up prime broking balances willy-nilly. Before crossing the breach to the stock borrow side, Bacher had run sales at Deutsche's prime finance unit in Hong Kong. Continuing as head of the sales department is Harvey Twomey. He received a decoration for being AsianInvestor's Best Capital Introductions specialist in 2008 and Deutsche Bank is expected to be a strong contender across the board in this summer's AsianInvestor Service Provider awards.