LONDON, May 18 (Reuters) - Nick Reid is stepping down as co-head of European, Middle Eastern and African investment banking at UBS, according to a memo seen by Reuters, to spend more time with clients as the firm seeks to rebuild its market share.
UBS has fallen down the league table in mergers and acquisitions since the financial crisis and aims to regain a top three position, a person familiar with the matter said.
Rebuilding the franchise could take several years, however, because there can be many months between the announcement and successful closing of a deal.
As a result of the changes, Reid will be able to spend more time with close clients including British consumer goods company Diageo, retailer Kingfisher, Land Securities and British American Tobacco.
UBS scored a publicity coup in March, when it poached top banker Andrea Orcel, architect of some of Europe’s biggest banking deals, to run its investment bank.
Orcel worked previously for Bank of America Merrill Lynch and is close to banks including UniCredit and Santander.
James Hartop, who was the other co-head along with Reid, will continue to lead the business, the memo said.
Diego Pignatelli, UBS chairman of EMEA investment banking, and group country head for Italy and chief executive officer of Italian investment banking, will increase his involvement in the management of the business.