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Funds News

UBS moves Soanes to top capital markets job

LONDON, March 25 (Reuters) - UBS UBS.NUBSN.VX has promoted David Soanes, who helped advise on the UK government's bailout of several banks at the height of the financial crisis, to run its global capital markets division.

Soanes, who was already deputy of that business, replaces another of the Swiss firm's best-known bankers, Matthew Koder, who defected to Bank of America Merrill LynchBAC.N in early March. [ID:nL3E7E30J4]

Rob Joliffe, who will continue to be co-head of UBS’s debt capital market’s division, will become Soanes’ deputy, according to an internal memo on Friday.

UBS’s investment bank has been through one of the biggest management overhauls in the industry so far this year, after a string of departures, including Koder’s.

It recently rejigged its fixed income and equities division, moving four bankers into the top ranks there, and also reshuffled the management of its investment banking department, after one of its senior managers retired. [ID:nN15277806]

Global capital markets, through which capital raisings and debt offerings are arranged, sits between the bank’s investment banking advisory unit and the securities trading franchise.

The businesses all report to investment bank head Carsten Kengeter, who spearheaded a big hiring drive in the last year, particularly in fixed income, as UBS fought to regain a post-crisis grip on key markets.

Joliffe, who has worked at Royal Bank of Scotland and Goldman Sachs, was one of the bank’s most high profile recruits in 2009.

He will be responsible for the debt side of the business while Soanes will look after equity capital markets.

UBS veteran Soanes, one of a group of bankers who advised the British government when it took stakes in Lloyds Banking Group and Royal Bank of Scotland in 2008, will also sit on the investment bank’s executive committee as part of his new role.

UBS declined to comment.

Reporting by Sarah White. Editing by Jane Merriman

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