Dyer and Blair has lost nearly half its bond market share after losing some of its senior staff and dealers. The investment bank, associated with wealthy investor Jimnah Mbaru, saw its market share shrink to 16.7% in the nine months to September from 30.1% in a similar period last year.
It stood at 19.7 per cent in June this year. The latter figure represented Sh77 billion turnover against previous Sh200.5 billion for Mr Mbaru’s firm.
Mr Mbaru was forced to take the helm again at Dyer following the exit of chief executive Paul Orem and his deputy Paul Nyagah in August. The investment bank also lost its top dealers at the fixed income desk, Norris Kibe and Gibson Gichaga, to Faida Investments in July.
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“We don’t have a bond team now,” said the billionaire but declined to disclose whether they were hunting for dealers. “We will let you know when we get there.”
In September Dyer traded bonds worth Sh990,642, an insignificant amount in the multibillion-shilling business. Talent wars in the lucrative bond market have been common given the relationship-based nature of the business, which often means when brokers and analysts move, they take the business and clients with them.
Kestrel Capital leap-frogged Dyer to the top of the pile with control of 23.5 per cent of the market, up from 18.5 per cent, a year earlier. The rise of Kestrel Capital follows its poaching of staff Alex Muiruri and Mathangani Kariuki from competitor African Alliance last year.
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