Deutsche's Firth to head Merrill EMEA buyout team

Bank of America Merrill Lynch has poached Rob Firth from Deutsche Bank to head its European team advising private equity firms, as it bets on a pickup in global buyouts. Firth will become head of Merrill's so-called financial sponsors group for Europe, Middle East and Africa (EMEA) in August, the bank said on Thursday. He takes over from Fotis Hasiotis, who will remain a senior banker in the same team, a spokeswoman said. Merrill said buyout firms were some of its most important clients. "As sponsors' influence around the world continues to grow, our global footprint will enable us to capture even greater share with this critical segment of the market," Karim Assef, global head of financial sponsors, said in a statement. Firth has spent more than a decade advised private equity firms, the bank added. He was named head of EMEA financial sponsors at Deutsche Bank last year. Firth will report to Assef and to Christian Meissner, who will join the firm in July as head of EMEA investment banking. Thomson Reuters data show takeovers by private equity firms plunged 43.5 per cent last year to $134bn, the lowest since 2002, as scarce and costly debt financing curbed deals.