Finance

BNP Paribas hires Goldman Sachs banker Heuer to bolster ECM team

BNP Paribas hired a top Goldman Sachs equity capital markets banker as revenues in the sector continue to surge on the back of a boom in IPOs and blank cheque companies. 

Christoph Heuer, who was most recently head of equity capital markets for Germany and Austria at Goldman Sachs, is set to join the French bank, according to people with knowledge of the hire.

Heuer will co-head BNP Paribas’ northern European ECM unit alongside Antoine Noblot, the people said. Noblot, also a former Goldman Sachs banker, will primarily look after the Nordics and Benelux regions, with Heuer focused on Germany and Austria.

Heuer has spent the past seven years at Goldman Sachs, having joined the US investment bank in 2014 from JPMorgan.

READ BNP Paribas hires JPMorgan’s European activism head Moodley

ECM revenues have surged in the first quarter of 2021 as initial public offerings and so-called blank cheque companies have pushed fees to new highs. In Europe, the Middle East and Africa, IPO volumes hit $34bn in the first three months of the year, up from just $2.1bn at the same point in 2020.

As the boom in special purpose acquisition companies, which raise money on public markets to fund acquisitions of private companies, moves from the US to Europe, financial centres in Amsterdam and Frankfurt have so-far bagged the large deals. Pegasus Europe, the biggest European Spac this year headed by former UniCredit boss Jean Pierre Mustier, raised €500m in the Dutch city in April.

In its first quarter results, BNP Paribas said that its ECM bookrunner volumes were three times higher than the first three months of 2020, as revenues in its corporate and institutional banking unit rose by 24% to €3.6bn over the period.

BNP Paribas has been making efforts to bolster its European ECM unit under Andreas Bernstorff, who joined to head up the unit from Citigroup in 2017. It is looking to take advantage of closer links with its equity brokerage partnership with Exane, which regularly tops research rankings in Europe, and has made the foray into corporate broking by hiring former Credit Suisse bankers Lewis Burnett and Andrew Forrester in 2018.

READ BNP Paribas pushes into equities with play for Exane acquisition

The bank ranked eighth by ECM deal value in Emea during the first quarter, up from ninth at the same point in 2020.

Heuer is the latest senior banker to arrive at BNP Paribas from larger rivals this year, with former JPMorgan European activism head Kirshlen Moodley joining as a managing director within its UK advisory team and Panos Metsis, who will focus on telecoms clients.

To contact the author of this story with feedback or news, email Paul Clarke

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