BARCLAYS is expanding its investment banking franchise in North America with two hires and a promotion in its industrial practice.
The bank hired Derek McNulty as global co-head of chemicals investment banking, Derek Davidson as head of Americas commercial, residential and industrials services and named Jared Itkowitz as head of Americas transportation and logistics, according to a memo seen by Bloomberg News. All three will be based in New York and report to Spyros Svoronos, global head of industrials investment banking.
“These appointments demonstrate our continued investment in our platform as we work to most effectively serve our clients with best-in-class strategic advice and execution,” Svoronos said.
The moves come as Barclays pursues a number of industrials sector deals globally. The bank was the sole financial adviser to Koch Ag & Energy Solutions on its US$3.6 billion acquisition of Iowa Fertilizer from OCI in December and was a joint financial adviser to TDR Capital and I Squared Capital in relation to the take-private transaction of Spanish testing business Applus this year, according to data compiled by Bloomberg.
McNulty, who will work alongside Gabriel Gruber, global co-head of chemicals investment banking, joins Barclays from Citigroup, where he was most recently head of North American chemicals. Before joining Citigroup in 2022, he was a managing director at Jefferies in New York. From 2006 to 2019, McNulty was at Barclays covering strategic and financial sponsor backed chemical companies. At the time of his departure, he was head of Americas chemicals.
His clients have included Dow, Eastman Chemical, LyondellBasell and Westlake.
Davidson will join Barclays from Morgan Stanley, where he was a New York-based managing director leading coverage of companies providing commercial, residential and professional services.
Itkowitz has been with Barclays for more than 15 years, starting in its equity linked and hybrid solutions unit, in both New York and Hong Kong. In 2014, he relocated back to New York and joined the industrials group. He has spent the past decade there, covering transportation and automotive clients including vehicle maker Rivian’s initial public offering, EQT Infrastructure’s leveraged buyout of First Student and First Transit and its subsequent sale of First Transit to Transdev. BLOOMBERG
