Daniel Oakes, a long-term equity-linked and ECM banker, unexpectedly passed away in his sleep last week at the age of 50.
He had recently been promoted to managing director at Commerzbank and moved with his family to The Hague as he had taken on responsibility for multinational corporates in the Benelux region.
Dan is remembered by friends and colleagues as a warm, caring person and a team player without ego.
He worked with Ute Gerbaulet early in his career at WestLB and later when she ran ECM at Commerzbank, Gerbaulet brought him on board to run international ECM in London.
“He was so special and probably one of the most gentle, modest, civilised and humorous colleagues in my career,” she said. “His highly positive character was combined with a strong passion, reliability and determination to get the best out of his teams and for his clients. This is why he was so liked and well respected, even by competitors.”
Oakes was an equity-linked specialist having joined Samuel Montagu, part of HSBC, as a graduate trainee in 1995 and going straight in to convertible origination with a posting to Dusseldorf. He moved to WestLB in 1999 and stayed there for the next seven years, running the equity-linked effort.
Covering equity-linked in Europe means getting through some lean years. In one such year at WestLB, Oakes applied his skills elsewhere, designing retail structured products, such as index trackers that offered a guaranteed minimum return. He wouldn’t let a sluggish market dampen his enthusiasm.
In 2006 he joined Nomura to build an equity-linked origination business alongside Lorraine Lodge. Oakes brought the origination experience while Lodge was one of the most highly rated analysts covering convertibles. The American and the Brit made an infectious pairing. Sadly, Lodge died of ovarian cancer aged 52 in 2013.
David Arlettaz, Commerzbank regional board member for Western Europe, said: “Dan had truly unique interpersonal skills that shone through in his strong client relationships as well as with colleagues, including the most junior for whom he was a role model.”
That was underlined when a junior from his time at Nomura described Oakes last week as a “lovely guy – and god of convertible bonds”.
Nomura’s purchase of Lehman Brothers in Europe in 2008 saw dramatic changes in ECM and Oakes took responsibility for Germany, Austria and Switzerland, before reuniting with several former Nomura colleagues at start-up STJ Advisors in 2009. From there he moved to Commerzbank.
One former manager said his thoughtful nature meant he frequently took the time to evaluate situations. At times that could be frustrating when they wanted him to get on with it, but at other times it was deemed invaluable, such as when starting something new at STJ.
All those who knew Dan were aware of the complex needs of his son Guy and his family’s devotion to giving him the best life. One of those who worked alongside him in the years of Guy’s short life said Dan was never weighed down by his responsibilities. Whatever was going on he had a smile on his face and a kind word for others.
The concentration of activity in the hands of ever fewer banks saw Oakes opt to switch out of ECM into a new relationship role in 2019 covering Irish clients from Paris, a geographical quirk prompted by Brexit. It suited him, and four years later he had recruited a team to cover Benelux clients from Amsterdam.
He is survived by his wife Vanessa and son Joshua.
He will be laid to rest next to Guy in Clandon Wood Natural Burial Ground. A celebration of Dan’s life will be held at St Michael’s Church, Highgate, at 3:30pm on Saturday April 22, which anyone who remembers Dan is warmly invited to attend.