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UBS U.S. M&A Co-Head Quits in Second Departure This Week

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UBS’s U.S. M&A Co-Head Resigns in Second Departure This Week
UBS said first-quarter profit fell 54 percent on a loss at the investment bank and an accounting charge related to the company’s own debt. Photographer: Gianluca Colla/Bloomberg

April 18 (Bloomberg) -- UBS AG’s Ehren Stenzler, the co-head of U.S. mergers and acquisitions, is leaving the bank, one day after the resignation of Aryeh Bourkoff, the head of investment banking for the Americas.

Stenzler stepped down today, said Peter McKillop, a spokesman for the Zurich-based bank. Bourkoff and Stenzler are weighing job offers from two banks and also exploring the idea of starting their own firm, according to a person with knowledge of the matter, who declined to be identified because the details are private. The bankers plan to make a decision in the coming weeks, the person said.

Bourkoff and Stenzler were top dealmakers for technology, media and telecommunications companies such as Comcast Corp. in their time at UBS. More than 50 U.S. investment bankers have left the Swiss firm since 2009.

Cary Kochman, who was global co-head of mergers, and Mary Ann Deignan, former head of equity capital markets in the Americas, are among those who have left UBS for competitors in the past year. UBS said it has hired about 40 managing directors in the investment banking division in the past 12 months, including many in the Americas. Its voluntary attrition at that level is at its lowest in years, the bank said.

Last month, UBS hired Andrea Orcel from Bank of America Corp. to co-head its investment bank with Carsten Kengeter. UBS ranks 14th among financial advisers on mergers and acquisitions so far this year, according to data compiled by Bloomberg.

Marc-Anthony Hourihan, who is working with Japan’s Asahi Kasei Corp. on its $2.2 billion deal for Zoll Medical Corp., will take over as UBS’s sole head of U.S. mergers. The Wall Street Journal reported Stenzler’s departure earlier today.

To contact the reporters on this story: Will Robinson in New York at wrobinson11@bloomberg.net; Jeffrey McCracken in New York at jmccracken3@bloomberg.net

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net

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