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Lorenzo Frontini was promoted to head Lehman Brothers' European syndicate desk in May last year. He oversees the bank's new issue business in Europe across corporates, financials, sovereigns, supranationals, agencies and asset backed securities. "The great thing about the syndicate business is the variety of work we do — sitting in the middle of issuers and investors you have exposure to both sides of the equation," says Frontini, "The syndicate desk is also a trading desk, so you have exposure to risk management."

Almost every investment bank in Europe has tried to establish a real estate securitisation conduit in the last couple of years. Some have already executed many deals in the capital markets, while others have yet to bring their first deal after years of preparation. Arguably the quickest to be established so far has been at Barclays Capital. When corporate securitisation head Robert Palache hired Lynn Gilbert from Morgan Stanley to set up the conduit, Aquila, the aim was for the first securitisation to be completed by the end of 2005. It came much quicker, in March.

Louise Wilson was promoted to head of European equity capital markets (ECM) at UBS in May 2004 having been head of the syndicate desk since 1999. She took over from James Renwick who became head of UK ECM and chairman of UK corporate broking. Adam Welham took her place as head of the syndicate desk.

Malcolm Perry arrived at Dresdner Kleinwort Wasserstein in March to become the bank's new head of credit products. Just three months later he is head of a new fixed income business group at DrKW, with the additional responsibilities of interest rate trading, principal trading and securities lending. Perry's task will be to reflect within the fixed income group the vision of global head of capital markets Steve Bellotti (qv).

Mark Bucknall was promoted to co-head of global investment banking at HSBC alongside Robin Osmond (qv) in September 2004. The two report to John Studzinski and Stuart Gulliver, co-heads of corporate, investment banking and markets. While Osmond is responsible for the day to day running of HSBC's advisory business, Bucknall runs the financing side. This incorporates bond and loan syndication, equity and equity-linked capital markets, asset backed securities, project and export finance, and structured capital markets.

Mark Gwynne took over from John Millar as head of European equity syndicate in February this year after a six month spell doing equity origination in Scandinavia and the Benelux, during which time he originated the audacious Statoil Nkr12.48bn ($2bn) deal. It famously failed to sell completely during bookbuilding but yielded Merrill Lynch a hefty profit when the shares the bank had taken on were placed the following week. Gwynne's six months in origination was an anomaly in what has otherwise been a syndicate focused career and before the origination sojourn he had been deputy to Millar on the syndicate desk.

Mark Leahy joined Deutsche Bank in August 2004 as head of syndicate for Asia in Singapore, replacing Neil Shuttleworth. Leahy's move, from UBS to head the syndicate at the number one bookrunner of G3 (dollar, euro and yen) bonds in the region last year, was widely seen by bankers as one of the most important transfers in Asian fixed income in 2004.

When Martin Egan was made global head of primary markets at BNP Paribas in March this year, the promotion was recognition of his success in transforming the bank into one of the top players in the European bond markets. Egan's new remit is focused on turning BNP Paribas into a truly international organisation. He joined the bank in January 2001 from Credit Suisse First Boston where he spent eight years, latterly as head of sovereign, supranational and agency syndicate.

Matteo Mazzocchi was appointed as Dresdner Kleinwort Wasserstein's head of global derivatives in April after serving as global head of credit derivatives and securitisation since September 2000. Mazzocchi has become head of a new department, which has brought three separate arms of the business together. Until the reorganisation that resulted in his promotion, the equity, credit and interest rate derivative divisions had led separate lives at the bank, he says.

A comatose convertible bond market hasn't stopped the inexorable rise of Martin Fisch, Deutsche Bank's head of equity-linked origination, who in February this year was put in charge of the bank's new ECM structured solutions marketing team. Deutsche is recognised as a market leader in the European equity-linked market, and Fisch, who was made head of equity-linked origination in 2003 at the age of 28, is seen as one of the market's best practitioners.

Matthew Smith was promoted to head of secondary loan trading at Deutsche Bank in June 2004 and his appointment has coincided with a period of change in the secondary loan market. The growing number of CLOs investing in European assets; cross Atlantic capital flows from US fund managers looking to diversify their assets; and hedge funds looking to invest in cross-over credits — all have added to the breadth and liquidity of Europe's secondary trading platforms.

Mauricio Noé was made head of UK, Ireland and Nordic financial institutions group debt capital markets in May this year. He was previously global head of ABS capital markets and co-head of covered bonds, a job he took in May 2004 after running the bank's global public sector origination business for three years. The new role is, as Noé describes it, part of a pilot project that will see him covering clients in his geographic area across all debt products — secured, unsecured, senior and subordinated.