UBS AG, Switzerland’s largest bank, appointed Sam Kendall as global head of the equity capital markets division, according to an internal memo obtained by Bloomberg News.
Kendall, who assumes the newly created post immediately, will report to David Soanes, London-based global head of global capital markets, and Matthew Hanning, head of investment banking for the Asia Pacific region, who is based in Hong Kong, according to Mark Panday, a Hong Kong-based spokesman at the bank who confirmed the content of the memo.
UBS is shrinking its investment bank and pledged to exit most of its fixed-income trading businesses, focusing on wealth management to boost profitability. The lender had 1.71 billion Swiss francs ($1.87 billion) of revenue from advisory and underwriting in the first nine months of 2012, trailing Credit Suisse Group Inc.’s 2.27 billion francs and Goldman Sachs Group Inc.’s $3.52 billion.
UBS rose to first place in underwriting stock and convertible bond offerings in the Asia-Pacific region outside Japan this year, recaptured the top rank for the first time since 2010, according to data compiled by Bloomberg that exclude self-led sales.
Kendall, who joined UBS in Australia in 1996 and most recently led the bank’s equity capital markets team in Asia, will remain in Hong Kong, according to the memo, reported earlier today by the Wall Street Journal.