Turkey Market Overview April 2018

Following our recent trip to Istanbul, we wanted to share a few insights from the financial services landscape:

Overview

  • Strong fiscal stimulus and an export market recovery signalled a stronger performance in 2017 compared to 2016, with the positive momentum expected to continue into 2018. A rather more stable period, has encouraged private equity firms on the ground to raise funds for Turkey, utilizing their track record for long-term investing in turbulent markets to attract investors

  • The Turkish market is set to see a plethora of IPOs with 2018 on track to be a record year for equity issuance. Total amount of cash raised in a year could reach its peak to over USD 4.5bln. A few of the leading companies announced to tap the market include Sok Martketler, Beymen and DeFacto, following the recent IPOs of Enerjisa Enerji, Mavi Jeans and Medical Park among others. This has led to banks looking to boost their ECM product expertise in the market

  • Local firms have maintained dominant coverage in Investment Banking and winning high-profile regional mandates such as the sale of a significant stake in Sefamerve.com, leading Islamic fashion e-commerce retailer, which will be managed by Pragma Corporate Finance

Hiring Trends

  • Currently several bulge brackets banks, including Credit Suisse and JP Morgan, and emerging markets merchant banks such as DOME Group are looking to add headcount to boost their coverage capabilities in Turkey

  • Leading Turkish private equity funds, such as Actera Group and Turkven have strengthened their teams across Associate/Analyst levels over the last 18 months, with their preference lying towards internationally trained bulge bracket bankers who are looking to move back for personal reasons

  • The completion of fundraising by these funds will likely see further hiring at Associate/Analyst level, putting further pressure on the limited talent pool of candidates with the desired international IB/PE experience. This will be compounded by bulge bracket banks also looking to hire at these levels, leading to both sell-side and buy-side entities hiring from leading local entities

  • The promising capital markets environment, has prompted an interest in candidates with an ECM background who can deliver in origination and execution of the current pipeline of equity issuance. Most recently, Wood & Company, which has been expanding its presence in the Turkish market, appointed Tolga ONEL as its Head of Turkey Investment Banking, who has served previously in his career as Head of Turkey Investment Banking at UBS

Cross Border / Local Coverage

  • Investment banking, equities and fixed income professionals still perceive wealth management as an attractive lateral transition with Switzerland being an appealing destination particularly amongst senior professionals

For the Delta house view and related mandates please reach out to Greg Galanis

Best Regards,

Delta Executive Search Team

Posted by Gregory Galanis
Monday 23rd April, 2018

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