UBS has assembled the top «dealmakers» of the merged bank. They will manage the key corporate clients globally and negotiate directly with company heads.
The new unit – Executive Client Group – consists of only nine bankers worldwide and is led by Ros L’Esperance (image below), according to the British financial portal «Financial News» (behind paywall) referring to an internal UBS memorandum.
As Before Under Iqbal Khan
Ros L'Esperance (Image: UBS)
According to the memo, the team will «promote strategic engagement with our most important clients at C-suite level,» i.e., those who deal directly with the company heads. The elite unit will report directly to the head of UBS investment banking, Rob Karofsky, who has already earned the illustrious nickname «Killer» in the industry.
The UBS investment bank is thus mirroring the approach in the core business with Global Wealth Management (GWM), where last summer, division head Iqbal Khan entrusted Benjamin Cavalli, the former Asia head of Credit Suisse (CS), with the management of the key «strategic clients.»
Cavalli has also assembled a hand-picked team of experienced private bankers, with certain individuals that have even caused a stir outside the banking giant.
Mainly UBS Staff
Karofsky has brought together nine veterans with extensive networks in their respective sectors. For Europe, these are Ian Carnegie-Brown and Jason Hutchings, both from UBS. In America, they are Vik Hebatpuria, the Credit Suisse executive Gerry Lodge, and Simon Smith. And in Asia, Catherine Cai, Fergus Horrobin, and Janice Hu are joining the new team.
The team leader was brought in from the sidelines for the challenging task. Alongside Javier Oficialdegui, L’Esperance was previously co-head of global banking (the investment bank’s «traditional» corporate advisory and capital markets business). She stepped down from the role at the start of the year after UBS hired Marco Valla from its British competitor Barclays.
Back then, the manager took on the more ceremonial role of an executive vice chair, a post that she will continue to hold.
Division Head With Plans to Expand
Although the «new» UBS has promised investment banking risks will not exceed 25 percent of the risk-weighted assets on the balance sheet, including after the integration with CS, Karofsky is, according to an internal memo, pushing forward with «ambitious strategic plans» to expand the advisory and capital market business.
Staff from the acquired bank are also welcome. According to media reports, around 200 senior CS investment bankers have switched to UBS following the takeover, but most of the top positions have gone to current UBS employees.
