Bull Bear Report Mar 25 2011

UBS Reorganizes Capital Markets Leadership

By julie steinberg

UBS is continuing the reshuffling in its investment bank, according to a memo seen by FINS and first reported by Dow Jones. The shifts are emblematic of the firm's scramble to regroup after a series of senior exits from the Zurich-based bank.

Effective immediately, David Soanes will take over as global head of global capital markets, a position vacated by Matthew Koder, who recently defected to Bank of America Merrill Lynch as head of global corporate investment banking for Asia-Pacific, a new position there. Global capital markets includes both debt and equity capital markets teams.

Koder's departure signified senior bankers' discontent with their compensation packages, according to the FT, which quoted two bankers who left. In addition to pay package malaise, the bank failed to take part in two of the biggest deals that took place in China last year. Shortly after missing out on the IPO of Agricultural Bank of China, Steven Barg, head of global capital markets for Asia, defected to Goldman Sachs. Mark Williams, head of Asia equity capital markets, went to Nomura.

Soanes, who has worked at UBS since joining as a graduate trainee in 1991, is considered a top U.K. banker and was most recently the deputy head of global capital markets. He helped the British government put together a rescue plan for the banking system in the fall of 2008 during the financial crisis. He has also served as Europe, Middle East and Africa head of global capital markets at UBS. Soanes will be based in London and report to Carsten Kengeter, head of the investment bank.

Rob Jolliffe will take over Soanes' former position as deputy global head of global capital markets. He will remain co-head of debt capital markets with Mike Davidson, a position he assumed in November 2009. Prior to joining UBS, Jolliffe had worked previously at RBS and Goldman Sachs. Jolliffe will be based in London and report to Kengeter.

Write to Julie Steinberg

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