UBS Hires Nomura’s Vereker as Orcel Overhauls Lender

Photographer: Simon Dawson/Bloomberg

Nomura Holdings Inc. has struggled for four years to build an investment banking business overseas after it bought Lehman’s European and Asian units in 2008. Close

Nomura Holdings Inc. has struggled for four years to build an investment banking... Read More

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Photographer: Simon Dawson/Bloomberg

Nomura Holdings Inc. has struggled for four years to build an investment banking business overseas after it bought Lehman’s European and Asian units in 2008.

UBS AG (UBSN) hired Nomura Holdings Inc. (8604)’s former co-head of investment banking, William Vereker, to help oversee its merger advisory and capital markets operations in Europe.

Vereker, 46, who took up the post of vice chairman of Nomura’s investment-banking operation in London seven months ago, will join UBS June 1 as head of corporate client solutions for Europe, according to an internal memo obtained by Bloomberg News. David Soanes, who currently holds that job, will lead a new unit focusing on clients in the financial-services industry.

Andrea Orcel has been overhauling the Zurich-based firm’s advisory business since he became chief executive officer of UBS’s investment bank in November, adding advisory bankers as the firm scales back its capital-intensive fixed-income unit. Carsten Kengeter, who helped to oversee the fixed-income division, is preparing to leave the bank, UBS said in February.

Officials at Nomura and UBS declined to comment. Reuters reported the move earlier.

The firm hired Piero Novelli from Nomura in January, naming him chairman of global mergers and acquisitions. The following month, the firm appointed Mark Yallop, a former chief operating officer at ICAP Plc, to the new post of U.K. group country CEO, responsible for operations in Britain.

Vereker, a utilities and natural resources banker, worked with Xstrata Plc (XTA) on its merger with Glencore International Plc (GLEN) announced last year. He joined Lehman Brothers Holdings Inc.’s London unit in 2005 from Morgan Stanley.

Lehman Purchase

Nomura has struggled for four years to build an investment banking business overseas after it bought Lehman’s European and Asian units in 2008. The Tokyo-based bank has seen an exodus of former Lehman bankers amid losses posted by overseas operations.

Vereker, a 1988 graduate of Cambridge University, joined Morgan Stanley’s merger department in 1996 after stints at J. Henry Schroder & Co. and Babcock & Brown LP. He moved into the firm’s global energy and utilities group in 2000, and was appointed head of European utilities two years later.

At Morgan Stanley (MS), Vereker worked on National Grid Transco Plc’s 5.8 billion-pound ($8.9 billion) sale of four natural-gas networks, the biggest European utility deal of 2004, as well as International Power Plc’s $2.3 billion purchase of Edison International (EIX)’s non-U.S. assets.

Soanes has previously run investment banking for European banks and insurers. He ran global capital markets at UBS before being appointed head of the corporate client solutions group. He will continue to report to Orcel in his new position, according to the memo.

To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net;

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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