UBS unveils global investment banking shake up

UBS Investment bank has overhauled its senior management in the first reshuffle since the appointment of Huw Jenkins as chief executive in June.

Jeff McDermott and Alex Wilmot-Sitwell, currently co-heads of European investment banking, and Rick Leaman, co-head of global mergers and acquisitions, have been promoted to joint-global heads of investment banking. McDermott and Wilmot-Sitwell will be based in London.

Leaman will be based in New York.

UBS did not say who would replace them as heads of Europe.

Robert Gillespie and Ken Moelis, the current global co-heads of investment banking, have changed roles.

Gillespie has been appointed chief executive of UBS investment bank for Europe, Middle East and Africa, while Moelis will focus on his role as president of the bank.

The two will also become co-vice chairmen of the investment bank alongside Lord Brittan of Spennithorne, Senator Phil Gramm and Ken Costa, who is also chairman of investment banking for Europe, Middle East and Africa.

UBS has also promoted Mark Steinert to global head of equity research from the beginning of next month. He has been head of Australasian equities and will move from Sydney to New York.

Steinert will replace Tom Hill, global head of equity research since 2001, who is to become chief communications officer at the beginning of next year. He will report to Daniel Coleman and John Wall, the joint global heads of equities.

Hill's move was announced last month as part of a string of senior investment banking management changes after John Costas stepped down as chairman and chief executive of UBS Investment Bank to run its new alternative investment management business. All the promotions will be effective from November 1.

In September, UBS promoted Chris Mackay, chief executive of its Australasian investment bank operations, to chairman to focus on winning the bank a bookrunner role on the offer.