HONG KONG: UBS AG named Gary Head as its new global chief of cash equities, promoting the Australia-based banker and triggering a reshuffle of the Swiss bank's management in that country, according to a series of internal memos obtained by Reuters on Tuesday.
A UBS spokesman confirmed the contents of the memos. Head will relocate to London and be replaced in Australia by Chris Williams and Steve Boxall as co-heads of Australasian equities, according to one of the memos.
Head's moves triggered a series of other changes to the Swiss bank's management structure in Australasia, according to the internal announcements.
Robbie Vanderzeil will become chairman of capital markets in Australasia for the bank, while Guy Fowler will be chairman of its corporate client solutions (CCS) division in the region, the memos said. Anthony Sweetman will be head of CCS Australasia, with Greg Peirce and Kelvin Barry becoming joint heads of coverage and advisory for Australasia, reporting to Sweetman.
The announcements follow Monday's news that Matt Hanning will take over UBS's top investment banking job in the Asia-Pacific region from Matthew Grounds, who will remain as the bank's chief executive for Australasia.
The proliferation of senior investment banking roles for UBS in Australasia reflects the firm's strength in the region in recent years.
The business led by Grounds has since 2008 ranked consistently among the top firms in Australia for corporate finance and mergers advisory.
Grounds was instrumental in negotiating a unique bonus protection deal for UBS's top Australia investment banking team, although he himself did not participate, Reuters reported in July 2012.
That was designed to induce UBS's high-flying team to stay at the bank, as rivals aspiring to build similarly succesful Australian businesses sought to lure the bankers away with attractive pay offers.
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