By Sophie Sassard and Anjuli Davies
LONDON Feb 12 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
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.