The Wall Street Journal reports that UBS has rejigged it IBD leadership team, as it bids to become 'one of the most successful IBD franchises in the world'.
Deal Journal has the memo from joint unit heads Jimmy Neissa, Matthew Grounds and Simon Warshaw
IBD Leadership Appointments
Our vision for the business is clear: to be one of the most successful IBD franchises in the world. To achieve this, we must operate as a truly global business, with leading franchises in APAC, EMEA and in the Americas.
Success demands that we remain entirely focused on our clients, delivering the whole bank in order to surpass client expectations while maximizing revenue across products. Globally, our distribution platform is the envy of our competitors, and leveraging this strength more effectively among corporate clients will be a key driver of profitability. We also have a talent bench that is second to none.
Ensuring that people are in the most productive places is an immediate focus. Accordingly, we are pleased to announce the following global IBD leadership appointments, all of which are effective immediately.
Kevin Cox will take on a newly created position as Global Chairman of GIG, one of our most important global sector teams. Having served as Americas Head of IBD since mid-2009, Kevin is one of our best, consistently productive coverage bankers, and he will continue to excel in this client focused role. Kevin will stay on as chair of the Americas Loan Review Group (LRG), which he has chaired since its inception. We thank Kevin for his leadership in the Americas and congratulate him on delivering improved gross revenues and profitability during his tenure.
We are delighted that Aryeh Bourkoff will become Head of IBD Americas. Aryeh, who is currently joint global head of TMT, joined UBS in December 1999, initially working in FICC and later as a highly-rated research analyst for Equities. In his time within IBD, he has proven himself to be one of the top bankers in his sector. Aryeh is now uniquely positioned to drive cross-IB synergies in support of top line revenue growth and profitability.
In EMEA IBD, we have appointed James Hartop and Nick Reid as Joint Heads, with Diego Pignatelli named Chairman of EMEA IBD, all reporting to us. James, Nick and Diego will work together to build on the strong position of our core EMEA franchise in order to drive the business forward.
James joined UBS as a graduate in September 1995 and has most recently led our EMEA GIG franchise alongside personal PCB responsibility for some of our most important clients. Nick joined UBS in September 2006 and has cemented his reputation as one of the premier UK country coverage bankers with a series of landmark transactions. Diego is well known across EMEA as the Group Country Head and CEO of UBS Italy and as one of our most senior bankers, with experience in FICC, ECM and also as COO of IBD. As Chairman, Diego will have responsibility, in addition to other focus areas, for providing support to James and Nick on strategy, resource allocation and coverage priorities. Diego will remain UBS Group Country Head for Italy.
Matt Hanning has been appointed Head of Investment Banking for Asia Pacific. David Chin will become sole Head of Investment Banking, Asia. Under David and Matt’s leadership, over the last two years IBD Asia has delivered an impressive performance, continuing our dominant franchise. The strong partnership they have established in leading and managing the business will continue in their new roles. Guy Fowler has been appointed as sole Head of IBD for our market leading franchise in Australasia.
We have set clear objectives for each of the regional heads, including specific regional revenue and profit targets, and we will also set clear financial objectives for each of our regional and global sector leaders across the business. These will be aligned with the financial objectives set for each of the product heads.
Each and every one of us continues to have responsibility for focusing on our clients. We are committed to moving to a more “client solutions” coverage model, with equal focus on the origination of traditional product (M&A, ECM, DCM and LF) and non-vanilla products (Hedging, Derivatives and FX). To get to where we need to be, it is fundamental that we are all product agnostic. We must care as passionately about providing a client with an innovative derivative solution, for example, as we care about an M&A mandate. This will deliver the best outcome for our clients and maximize the opportunity available to us. Those who adopt this mindset will be rewarded.
An immediate priority for the regional heads and for the three of us will be working with the sector and country heads, together with GCM, to ensure we are allocating our resources as efficiently as possible across each region, again with a focus on maximizing profitability. We intend to provide regular communication on our progress and to engage actively with you to ensure we deliver on our objectives.
Please actively support those named in this announcement in achieving our ambitious goals, and join us in wishing them success.