UBS AG hired former Nomura Holdings Inc. banker Jean-Philippe Favre to run its utilities business in Europe, the Middle East and Africa.
Favre, who started this week, will report to global head of power, utilities and infrastructure Stephen Paine as well as European coverage and advisory head James Hartop, according to an internal memorandum. A spokeswoman for the Zurich-based bank confirmed the contents of the document today.
Andrea Orcel, the chief executive officer of UBS’s investment bank, has recently hired other senior Nomura dealmakers including Piero Novelli, now global chairman of mergers and acquisitions, and William Vereker, who runs investment banking in Europe.
UBS CEO Sergio Ermotti this week denied speculation that the firm may spin off its investment bank as regulators demand higher capital holdings.