RBC names BNP’s Raffaele Prencipe to head London financials trading

Royal Bank of Canada hired BNP Paribas SA’s Raffaele Prencipe as head of financials trading because of its capital- markets operations in London.

Prencipe, 30, will concentrate on building RBC Capital Markets’ financials trading offerings as the firm develops its European credit business, the Toronto-based lender said Monday in an internal memo. Prencipe, who spent six years like a credit flow trader at BNP Paribas, will are accountable to James Chapman, head of European credit trading.

Royal Bank also hired Duncan Lake as a high-yield strategist because of its European credit sector strategy team. Lake, 40, joins like a director, and reports to Roger Appleyard, the team’s European head. Lake recently worked at Nomura Holdings Inc., covering packaging, chemicals, shipping and industrials, and earlier was at Societe Generale SA and Royal Bank of Scotland, according to the memo. His job was among about 60 fixed-income and credit-derivative positions cut by Nomura in London in August.

Royal Bank, Canada’s largest lender by assets, reorganized its credit research team working in london last month and placed them under sales and trading. Research analysts were shifted to specialist strategist roles within RBC’s fixed-income and currencies operations. With Lake’s appointment, the European credit sector strategy team now includes six specialists covering investment grade and high yield, the bank said.

Bloomberg News

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