October 9, 2017 / 8:34 AM / a year ago

Exotix hires ex-IMF economist as part of pre-MiFID expansion

LONDON (Reuters) - Emerging markets specialist Exotix Capital has hired ex-IMF analyst Christopher Dielmann, further expanding its research capacity before next year’s regulatory overhaul of Europe’s broking and investment bank industry.

Independent houses such as Exotix are seen potentially benefiting from MiFID II - Markets in Financial Instruments Directive - rules that take effect in January, should big banks no longer be able to employ scores of analysts to produce research.

Exotix, part-owned by ICAP founder Michael Spencer, said Dielmann who had focussed on debt sustainability, restructuring and lending at the International Monetary Fund, would be a senior economist responsible for markets in Africa and Asia.

The firm this year launched a standalone research, analytics and data division to prepare for MiFID II, one aspect of which is that investment banks must charge fund managers an explicit fee for research, rather than bundling costs into trading commissions charged to clients, as is the case at present.

That has spawned many new independent research houses and online research portals, many of which have been started by former analysts and bankers.

Exotix has made a string of hires to boost equity and fixed income operations in Asia, Africa and Middle East. It said earlier this month it had appointed Matthew Pearson, former head of equities at ICBC Standard Bank to head its equity division.

Reporting by Sujata Rao; Editing by Richard Balmforth

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