Robert Palache, who resigned last month as co-head of securitisation at Japanese investment bank Nomura, has been snapped up by Barclays Capital.
Palache, the former managing partner of Clifford Chance's finance practice, left Nomura
last month after spending two years with the bank.
At the time Palache said that the time had come for a change of scene but refused to be drawn upon his next move.
It is understood that Barclays Capital – the investment banking arm of Barclays Bank – moved swiftly to tie up the hire of Palache although the two parties had been in talks prior to his resignation from Nomura.
Palache will join the bank as co-head of securitisation alongside Alan Appen.
Sources claim that Palache resigned because he wished to focus on innovative corporate-type securitisation deals whereas Nomura aimed to provide a broader deal focus along the lines of the US investment banks.
Palache had been instrumental in the execution of complicated transactions such as Marne et Champagne and Unique Pubs.
Henry Cooke, Nomura's new head of securitisation, said: "It is a natural decision for Robert to move to a large commercial bank with a lot of corporate relationships. I am not surprised."
Palache joined Nomura in December 1998 after spending 18 years at Clifford Chance, the last three of which as head of finance.
Sources claim Clifford Chance actually suffered a small drop in the volume of its work from Nomura following Palache's arrival there, with Allen & Overy (A&O), and specifically partner Julian Tucker, being the main beneficiary.
His move to Barclays Capital is therefore unlikely to affect A&O's strong bond with its longstanding client. "Palache is a heavy hitter and he would have been inundated with offers," Tucker said.