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Paul Frankfurt, head of equity block trades EMEA at Bank of America Merrill Lynch, is leaving the bank to help set up a global markets operation at Anoa Capital, a Luxembourg-based boutique investment bank.
Frankfurt, a managing director, resigned on Monday. He had reported to Craig Coben, co-head of global ECM.
His departure follows the resignation last week of another MD, Christian Gartner, BAML's head of ECM for Germany, Austria and Switzerland.
Gartner is leaving to be CFO of HelloFresh, a company that delivers ingredients for specific recipes to people's homes. HelloFresh, backed by venture investors including Rocket Internet, is believed to be preparing for an IPO. In February it raised $126m in a private funding round with its existing shareholders.
The loss of both bankers will come as a blow to BAML, particularly in the final stretch of the year when banks are competing hard to finish well in the league tables. The block trade business has been particularly important for the European equity capital markets business this year, accounting for about 40% of volume.
Change at two top firms
Frankfurt has left the market just at the moment...