UBS Investment Bank Names Sara Ferrari to Emerging Markets Role
Stock Chart for UBS AG (UBSN)
UBS AG (UBSN) said Sara Ferrari will coordinate the development of the emerging markets business within the investment bank as the biggest Swiss wealth manager expands in those regions, according to an internal memo.
Ferrari will take on the role in addition to her position as the head of strategy at the investment bank reporting to Andrea Orcel, the chief executive officer of the division, according to the memo from the unit’s executive committee today. A UBS official confirmed the memo’s contents.
“Emerging markets is an area where we need to refine and focus our strategy,” UBS said in the memo. “We also need to enhance our coordination in this area across the investment bank and with wealth management and wealth management Americas.”
The investment bank hasn’t had anyone responsible for emerging markets recently. Yassine Bouhara, a former co-head of equities at UBS who was supposed to become the head of emerging markets in 2011, resigned before assuming that post in the aftermath of a $2.3 billion loss from unauthorized trading.
By creating positions such as Ferrari’s, UBS plans to promote cooperation within different businesses of the investment bank and between the division and UBS’s other units. The bank said in April David Soanes, who headed investment banking in Europe, would assume a new role as the global head of financial institutions and sovereign wealth fund coordination.
UBS said today it will also seek to maximize collaboration across other businesses within its corporate client solutions and investor client services units at the investment bank. The areas are cash equity capital markets and cash equities, strategic equity solutions and equity derivatives, debt capital markets and investment grade, leveraged finance and high yield, corporate real estate and commercial mortgage-backed securities.
UBS last week appointed Brendan Connolly to replace Rajeev Misra as global head of financing solutions at the investment bank as it integrates the group into its corporate client solutions unit.
The bank is also creating a management advisory group that will meet regularly to discuss strategic issues, with invitations to the group dependent on the persons’ contribution to the company rather than just rank and responsibility, according to the memo.
“We are making excellent progress,” the company said in the memo. “We are confident that by continuing to work passionately together we will create unrivaled value for clients and will establish UBS investment bank as a clear new benchmark in our industry.”
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