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City quintet head for Singer just a year after arriving en masse at WH Ireland

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A TEAM OF City veterans have been poached by Singer Capital Markets to launch a debt capital markets business — just a year after broker WH Ireland did exactly the same thing with the same team.

Patrick King, Stuart Galvin, David Kent and Scott Beattie spent several years together at Peel Hunt before joining WH Ireland last year, where they were joined by Mark Truman from Jefferies.

They are now moving en masse again to Singer Capital Markets, City PM understands, with the quintet launching a fixed income trading and debt advisory business.

City PM understands the business will provide market making and execution services to trading clients as well as debt advisory to corporates.

Singer Capital Markets boss Steve Pearce said he was “delighted” to welcome the team and said the “prevailing high interest rate environment (meant) both trading and corporate clients are becoming more active in this asset class.”

WH Ireland has suffered from a cold economic environment and in July told markets it had raised urgent funding to stave off collapse.

Boss Phillip Wale has already agreed to a 30 per cent pay cut in an effort to cut costs.

WH Ireland did not immediately respond to a request for comment last night.