Wells Fargo Hires Maynard Um of UBS to Cover Technology

Wells Fargo (WFC) & Co. hired Maynard Um, an analyst from UBS AG (UBSN)’s securities unit, to cover information- technology hardware companies including Apple Inc. (AAPL) and Hewlett- Packard Co.

Um will join Wells Fargo Securities in New York as a managing director and senior analyst in equities research, San Francisco-based Wells Fargo said in an internal memo obtained by Bloomberg. Um will also cover Dell Inc. (DELL), International Business Machines Corp., EMC Corp. and NetApp Inc., Shelley Beason, a company spokeswoman, said in an e-mail.

Wells Fargo, the most valuable U.S. lender, is bolstering the investment-banking unit acquired as part of the takeover of Wachovia Corp. in 2008. Wells Fargo hired about two dozen investment bankers and analysts from Citadel LLC in August, and has helped underwrite initial share sales for technology companies such as Pandora Media Inc. and Groupon Inc.

“We are delighted to have Maynard on board and look forward to his partnering with the rest of the Wells Fargo TMT research team,” the bank said in the memo, referring to the technology, media and telecommunications industry. The memo was signed by Diane Schumaker-Krieg, global head of research and economics, and Sam Pearlstein and Todd Wickwire, co-heads of equity research.

Um spent more than 15 years at UBS, most recently as the firm’s senior IT hardware equity analyst and published the bank’s worldwide PC forecast, according to the memo. Um worked in institutional equity sales before becoming an analyst.

Um takes over from Jason Maynard, who will stay at the bank and continue to cover technology companies such as Oracle Corp., Google Inc. (GOOG) and Microsoft Corp., Beason said in the e-mail.

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net

To contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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