SEB has made a tranche of significant hires and internal promotions within its Enskilda equities business, as key Nordic players move to strengthen their equity sales and research operations.
The bank has appointed former Second Swedish National Pension Fund (AP2) head Fredrik Carlsson to lead its Swedish equities research team.
At much the same time it has promoted Roland Jonsson, taken on by Enskilda from Deutsche Bank in 2005, to become its head of Scandinavian Equities Research.
Other internal promotions include Enskilda veterans Jonas Ridell, a former Svenska Handelsbanken Nordic equities specialist, to head of global sales and Johan Nyquist, previously with Alfred Berg and United Securities, who has moved to SEB Enskilda equity sales in Stockholm.
Nyquist is being joined by Eggert Mörling and Carl Johan Frisell, who have come to the bank from, respectively, Carnegie Investment Bank and Svenska Handelsbanken.
Though SEB declined to comment on the thinking behind its appointments, Mörling's appointment is likely to be particularly satisfying for the bank because the reshuffle has in part been prompted by Carnegie's recent swoop on SEB.
Carnegie in July poached Enskilda stalwarts Björn Jansson and Henric Falkenberg to co-lead its Nordic Securities sales business, along with Lars Wallin, head of equity sales in Stockholm, to Carnegie's equity sales division in the city.
"Carnegie lost a lot of people when it was taken over by the government and then sold to a private equity house and is now replacing them with some heavy hitters, people with credibility, which is why they have been taking them from SEB," points out Henrik Schmidt, analyst at Keefe, Bruyette & Woods.
"A lot of smaller houses in particular are feeling research is important, but it is recognised as a cost centre so they will normally add a few sales people or traders as well," he adds.
"There is quite a lot of movement going on at the moment among analysts and equity analysts in particular," agrees Johan Wingren, of recruiter Michael Page in Stockholm
"It is more people moving between banks than a lot of new hiring. And expectations of salary remain fairly low, with people tending not so much to move for the salary as the job," he adds.