UPDATE 1-UBS financial services co-head De Vitry to leave-sources

Tue Feb 12, 2013 12:53pm EST

By Sophie Sassard and Anjuli Davies

LONDON Feb 12 (Reuters) - The co-head of UBS's financial institutions group (FIG) in Europe, Edouard de Vitry, is leaving the bank in the latest high level restructuring in its investment bank division, three people with knowledge of the situation said on Tuesday.

Javier Oficialdegui, the other co-head of the financial institutions business, who was brought in by UBS's new head of investment banking Andrea Orcel, will be sole head of the advisory team after De Vitry's departure, one of the people said.

UBS declined to comment.

De Vitry, who advised ABN Amro ahead of its acquisition by a Royal Bank of Scotland -led consortium in 2007, has led UBS's FIG team in Europe, Middle East and Africa (EMEA) since 2008. It is not known where de Vitry will go next.

"This is all very consistent with Orcel's modus operandi so far," a person familiar with the situation said.

Since UBS CEO Sergio Ermotti hired Orcel to reshape its struggling investment bank business in July 2012, the Italian banker has brought in a group of close collaborators from Bank of America (BAML), where he and Ermotti worked for years.

The most recent hire was Piero Novelli, who joined in January from Nomura as chairman of global mergers and acquisitions and whom Orcel had known from his days at BAML.

Emilio Greco and Alberto Palombi also joined UBS' FIG team from BAML last year, alongside existing UBS bankers Diego Pignatelli and Annalisa Terracina.

Also from BAML, Javier Martinez-Piqueras joined UBS's equity capital markets team, the business that helps clients raise equity through rights issues and initial public offerings.

Two other hires from BAML were Christian Montaudo in Italy and Carles Guzman in Spain.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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