Swiss bank UBS tapped a well-known veteran to run the finances of its investment bank. The banker is the fourth person in the job in the last six years.
Caroline Stewart took the job of finance chief for UBS' investment bank in January, according to a memorandum seen by finews.com. She is poised to also become CFO of UBS' U.K. arm as soon as a merger with a European entity concludes later this year.
A 13-year veteran of UBS, Stewart is very well-known as the bank's long-standing head of investor relations. Two years ago, she advanced to group managing director – an elite squad of UBS' top 100 bankers who report directly to top management. A spokeswoman confirmed Stewart's move.
Key CEO Adviser
«Stewart and her team have played a critical role in rebuilding the bank's reputation with investors, analysts, rating agencies and proxy advisors», overall finance chief Kirt Gardner and investment bank co-heads Robert Karofsky and Piero Novelli wrote in a memo.
«At the same time she has acted as a key advisor to successive management teams», including including bosses Oswald Gruebel and Sergio Ermotti as well as UBS veteran Tom Naratil.
Stewart replaces Nigel Bretton, who became finance chief of the Swiss bank's vast corporate center last year. The investment bank role had been held temporarily by Fiona McCarthy, who was finance chief of the unit's dealmaking arm, dubbed corporate client solutions.
Deputy Advances
Bretton had added the investment bank finance role to his remit as U.K. CFO in 2014, when Nomura banker Jonathan Lewis backed out of a planned move to UBS. Shortly afterwards, Nomura promoted Lewis to oversee its European activities.
Stewart's promotion clearly leaves McCarthy in the lurch: UBS said it «will be working with her on the next steps over the coming weeks.» Stewart will continue to report to Gardner, her current boss, and begin reporting to Todd Tuckner, UBS' chief accounting officer, when she takes the U.K. role.
In investor relations, she will be replaced by Martin Osinga, her deputy, on a temporary basis. Osinga is a 17-year veteran of UBS who stood in for Stewart several times when she was on maternity leave.
