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US firm Dewey Ballantine has swooped on Baker & McKenzie to fill the new position of European head of capital markets.
Bakers' star partner Peter Magyar will join Dewey's London office as early as next month. The hire coincides with the exit of Dewey tax partner David Blumenthal, who left the firm last week to start work as head of tax at Mishcon de Reya today (6 August).
Magyar was formerly Bakers' Hungary managing partner and then European head of securities, sitting on the London office's management committee.
Magyar's arrival follows that of ex-Linklaters capital markets partner turned recruitment consultant Lee Parker. He joined Dewey in May with the explicit task of beefing up lawyer headcount in London.
With Magyar's hire Dewey is creating an overarching head of capital markets across Europe for the first time. Parker said: "We've got a rapidly growing capital markets practice doing high-quality work out of all our European offices. Peter, with his experience and leadership skills, will be another step in bringing it all together."