(Bloomberg) -- Bank of America Corp. appointed three new leaders in its equity capital markets business in Europe, Middle East and Africa, including Phil Drake as head of UK ECM.

Drake, who joined the bank in 2021, will continue to report to James Palmer, head of ECM for EMEA, according to an internal memo seen by Bloomberg News. Before joining BofA, Drake had worked at Barclays Plc for about nine years, his LinkedIn profile shows.

BofA also named Rahul Bhandari as head of EMEA equity-linked ECM, expanding his current remit as head of EMEA private capital markets. Bhandari joined the lender in June 2022 from JPMorgan Chase & Co., where he also ran EMEA private capital markets, according to his LinkedIn profile.

Lucrezia Lazzari was named head of ECM for Belgium, the Netherlands and Luxembourg, according to the memo. Lazzari, who joined as an analyst in 2013, will work in coordination with Jerome Renard, head of European Union ECM.

The appointments come as initial public offerings and equity fundraising in Europe recover from a two-year slump. The continent hosted the three largest listings in the world this year, according to data compiled by Bloomberg. The offerings of Puig Brands SA, Galderma Group AG and CVC Capital Partners Plc raised a combined total of about $7.9 billion.

Upcoming potential listings include those of Spanish clothing retailer Tendam and Greyhound bus owner Flix, while Golden Goose, an Italian company known for its $600 luxury sneakers, is also eyeing a first-half listing.

Still, things have been slower in the UK, which has only made up a small fraction of Europe’s IPO volume this year.

A representative for Bank of America confirmed the contents of the memo.

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