UBS has hired Darren Novak, a managing director at Houlihan Lokey, in its New York office to advise companies on how to defend themselves against activist investors, a spokeswoman for UBS said on Wednesday.
Reuters reports that UBS's hiring of Novak comes as the bank scales back its traditional reliance on its balance sheet for investment banking and focuses on fostering strong relationships with companies and occasionally using lending to support deals.
In the meantime, Reuters also reports that Deutsche Bank tapped Sal Vitale as a managing director in its natural resources corporate banking coverage group. He joined the bank from Bank of America Merrill Lynch, where he spent 15 years.
Vitale will lead Deutsche Bank's corporate banking coverage efforts in the oil and gas sector and expand the bank's power and utilities portfolio.