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Goldman Hires UBS’s Grafe as Top Russia Economist

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Goldman Sachs Group Inc. has hired Clemens Grafe as its chief Russia economist, according to two people with knowledge of the move.

Grafe left his role as chief economist in Moscow for UBS AG last week, said Richard Marton, a London-based spokesman for UBS, in an e-mail. Goldman’s press service declined to comment. Grafe’s mobile phone was switched off.

He will replace Rory MacFarquhar, who was Goldman’s head economist for Russia and the Commonwealth of Independent States in Moscow until March, the people said. MacFarquhar moved to the U.S. Treasury Department as an adviser on international issues, spokesman Andrew Williams said March 11.

A former lecturer at the University of London’s Birbeck College, Grafe joined UBS in 2005. He worked on Russia issues for the European Bank for Reconstruction and Development and on the International Monetary Fund-based stabilization program for Russia throughout the 1990s, according to a biography compiled by U.S. Milken Institute.

Goldman, the most profitable securities firm on Wall Street, left Russia after the country defaulted on $40 billion of domestic debt in 1998. The New York-based firm reopened its Moscow office in 2007 and named Christopher Barter its sole Russia chief in January.

London-based Reinhard Cluse will take over Grafe’s responsibility for Russia, Morton said in an e-mail.

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