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Any successful businessman would appreciate the importance of spotting an opportunity before anyone else has. It is a well known truth in the world of business and equally true in the capital markets world. UBS's success in the financial institutions subordinated debt market over the last five years is based on that truth — the bank got involved in the sector early and has since reaped the dividends.

This article has been submitted by Sean Park - Head of Digital Markets, Credit Trading and Debt Syndicate at Dresdner Kleinwort Wasserstein (DrKW) and a Director of Markit Group. The following account is entirely speculative and fictional and does not represent the opinion of DrKW or any of its affiliates.

Derek Armstrong was appointed head of leveraged finance, Asia ex-Japan, at Goldman Sachs in October 2004. With a long background in leveraged finance, Armstrong was hired away from Credit Suisse First Boston, where he had been head of southeast Asia capital markets.

When Lehman Brothers put together a new business line in February this year that combined the bank's debt capital markets team with its risk solutions group, Eamonn Price was the man chosen to lead the new business. The reshuffle in its global finance business resulted in Price and Jason Tilroe (qv) being named co-heads of the new look European DCM team, reporting to Philip Lynch, who was promoted to run the European global finance business alongside his role as European head of equity capital markets.

Mergers and acquisitions are becoming more common in Europe after a long quiet period, and equity bankers are hoping for the resulting rise in equity and convertible bond issuance.

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Diane Lam is a well known figure in the close-knit world of securitisation in Asia. For seven years she was head of structured finance ratings for Asia Pacific ex-Japan at Standard & Poor's (S&P) in Hong Kong. When S&P decided to reorganise, Lam was snapped up by Financial Security Assurance Inc (FSA), which was looking for someone to consolidate and build the firm's presence in the region. FSA is a monoline rated triple-A by all three international rating agencies.

Eirik Winter was made co-head of fixed income capital markets at Citigroup in March as part of a reorganisation of the loan, bond and derivatives groups into a single platform. He heads up the business for corporates, financial institutions, sovereigns, agencies and supranationals. "As this business is getting more global, the idea is to move towards one single delivery platform for fixed income, where one individual can offer the entire range of fixed income solutions," says Winter.

Welcome to Celebration of Excellence 2005. This is the fourth in EuroWeek's annual series of special reports about the people that make the world's capital markets tick.

Fergus Edwards was appointed head of syndicate for Asia at JP Morgan in May 2004, moving from the firm's MTN desk in London to take the position vacated by Marc Lewell, who returned to London to head up the firm's European emerging market syndicate. Edwards joined JP Morgan as an analyst in July 1999 — his first job after university. He says that his experience with Asian investors on the London MTN desk has been valuable in his new post, as is time spent with debt capital markets, syndicate and high yield teams in the UK.

Gael de Boissard's decision to join Credit Suisse First Boston was doubtless made less difficult by the clash of cultures that ensued from Chase Manhattan's merger with JP Morgan in late 2000. De Boissard had been running JP Morgan's European fixed income division for four years, in which time he successfully integrated its European sales groups for FX, bonds, interest rate and credit derivatives after the merger.

The world's second largest bank, HSBC, has been on a hiring spree for over a year, so it is not surprising that it comes out of EuroWeek's survey as the most prolific poacher, with seven new hires, and with 11 bankers, has the most featured staff in the report. Equally, Deutsche has been cementing its position as the top European fixed income house, and with 10 of its bankers featuring, of which nine are promotions, has the second highest number in the report, including Anshu Jain, who was made co-head of investment banking last year.