Does Stephen O'Sullivan know something we don't? The former head of research at MC Securities in London has decided to move to Moscow to join the more discreet United Financial Group (UFG), a majority Russian-owned investment bank. The leading oil and gas analyst in the Russian market admits that the sale of MC Securities' Russian business (United City Bank) to Flemings has triggered his decision.
Although there was more money to be made at other firms, 38-year old O'Sullivan believes that this smaller Russian firm would be a safer bet for his career than Flemings. "You can be in the big five [banks] or a niche group, but not in the middle ground," he says. "It is the mid-size banks that are gradually being squeezed out."
Why did he choose UFG? "I wanted to pick a house that was serious about research. UFG is expanding, well managed and western oriented," explains O'Sullivan. There are 15 people in his new department whereas other firms might have only one or two. He is not the only high-profile employee to leave MC Securities recently: the head of east Europe, Charles Harman, left at the start of the year to join DLJ's push into the region.