In further evidence that banks are prepared to pay up for talent even in these difficult times, Deutsche Bank has hired David Scott - one of the region's most popular strategists and reckoned to be worth a very high seven figure package per year.
More surprising still, Scott turned down a substantial offer from Goldman Sachs to join Deutsche. Friends in the market say Scott's personality may explain this. The Scotsman's persona could hardly be described as Goldmanesque.
Scott came onto the market when his old firm, WI Carr was recently shut by its French parent, Credit Agricole Indosuez.
As Scott left the trading floor of that once great house, those around him say he remarked: "If these guys are pulling out it must be time to fill your boots with Asian equities."
Scottie, as he is known, is a colourful character whom investors like for his punchy views and witty style.
There are many great anecdotes that surround this somewhat larger-than-life 47 year old. One former colleague recalls a conference call just after the Asian crisis when Scott was brought on to speak to 17 of the US's most powerful fund managers. A few minutes into his pitch Scott's mobile phone went off and he said he'd have to take the call. A minute or so later he came back onto the line, and said "Apologies. It was my mother. She's very concerned about Asian equities."
His arrival at Deutsche Bank will further enhance the firm's increasingly impressive secondary trading platform - a platform that showed its mettle with the recent DBS block trade.
