(Adds further details, background)
LONDON, March 24 UBS's head of
equities for the Europe, Middle East and Africa region, is
leaving the Swiss bank after almost 18 years, according to an
internal memo seen by Reuters on Monday.
Phil Allison, who joined UBS as a graduate in 1997, will be
replaced by Jason Barron with immediate effect, according to
memo sent by UBS global head of equities Mike Stewart. Barron is
currently global head of financing services at UBS.
Allison is expected to remain in the industry, a source
familiar with the matter said.
Dominic Vail, global head of equity distribution, will take
over Allison's responsibilities at UBS as head of global cash
equities, the memo added.
Barron and Vail, who have both spent more than 20 years at
the bank, are interim appointments. Permanent successors will be
announced in due course, the memo said.
UBS declined to comment.
Thanking Allison for his "many contributions", Stewart said
he played a leading role in developing the bank's algorithmic
trading and automated market-making capabilities.
He rose to become head of global cash equities in 2010 and
two years later was given the EMEA equities role.
In the memo Stewart urged employees in the equities division
to "stay focused and ... maintain the momentum" that helped it
deliver its best fourth quarter since 2010.
UBS has in recent years re-shaped its investment bank,
shrinking the business and pulling back from riskier activities
like bond trading.
The bank raised its dividend and increased bonuses for
bankers by nearly a third after it reported a return to fourth
quarter profit in February.
(Reporting by Clare Hutchison; Editing by Greg Mahlich)