ING will this week announce that it has appointed Fraser Marcus as the co-head of ING Barings' financial sponsors group. Marcus will join John Shakeshaft, ING's current head of financial sponsors. Prior to joining ING Marcus was managing director of Chief Executive Partnerships.

ING's appointment comes at the same time as Goldman Sachs reshuffles its London-based financial sponsors coverage group. Terry Hughes, Goldman's co-head of leveraged finance, recently replaced Charlie Bott as the head of Goldman's financial sponsors coverage group. Bott, who had only been appointed the head of financial sponsor coverage earlier this year, has moved to take up a senior position in Goldman's telecoms coverage group dealing with internet businesses. Terry Hughes will continue to hold the position of co-head of leveraged loans, leaving the bank's coverage of the LBO sector thinly covered at the senior level. It is understood to be trying to fill the leveraged loans position so that Hughes can concentrate more effectively on heading the coverage group. Goldman has been seen to struggle to compete against the likes of Chase Manhattan and Deutsche Bank in the European LBO business over the past year. Large blue chip clients are increasingly being seen as the bank's core focus.