UBS Hires Pierson to Head Financial Technology

UBS AG (UBSN), Switzerland’s biggest lender, has has hired investment banker Steve Pierson from Credit Suisse Group AG (CSGN) amid an effort to bolster coverage of financial-services firms.

Pierson, 46, is joining UBS as global head of financial technology and services and co-head of the financial institutions group for the Americas, according to an internal memo confirmed by Megan Stinson, a company spokeswoman.

UBS has appointed experienced investment bankers in financial services, energy and Latin America this year, Steve Cummings, head of Americas investment banking for the Zurich-based company, said in an interview. The firm plans to make more select hires in those areas, he said.

Pierson, most recently vice chairman in Credit Suisse’s financial institutions group, is at least the third senior financial-services banker hired since late last year.

“Financial services is a global priority for us,” said Cummings, 58. “It’s about advice, capital markets execution and a connected global platform, all of which fit perfectly with the UBS business model.”

UBS hired Jim Voorheis from Deutsche Bank AG as head of Americas specialty finance in May, and named Greg Kennedy head of the Americas financial institutions group in December.

Kennedy, who left London-based Barclays Plc and started at UBS in March, will now oversee the financial institutions group with Pierson.

Pierson specializes in advising financial technology, asset management, brokerage and trust and private-equity firms. He joined Zurich-based Credit Suisse in 2007 from Putnam Lovell NBF Securities, where he led investment banking.

Vik Hebatpuria, a colleague of Pierson’s at Credit Suisse who advises similar clients, also is joining UBS as an executive director in the financial institutions group, according to a separate memo.

Hebatpuria joined Credit Suisse in 2006 and previously was a vice president with Marsh & McLennan Cos.

Jack Grone, a Credit Suisse spokesman, declined to comment on the moves.

To contact the reporter on this story: Matthew Monks in New York at mmonks1@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net

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