Jonah Cave, one of UBS Group AG’s top stock executives, left as the Swiss bank reorganizes its equities business, according to two people with knowledge of the matter.
UBS had appointed the longtime Merrill Lynch executive to run Americas client trading and execution in 2012, and he later helped bring in several others from his former employer. He left the Zurich-based firm this month, according to the people, who asked not to be identified because the move wasn’t announced.
Andrea Orcel, the 52-year-old president of UBS’s investment bank, is trying to return the firm to a top-three ranking in equities. He installed Deutsche Bank AG veterans Rob Karofsky and Roger Naylor to run the equities business in January, and this month they picked Derek Capanna, also from Deutsche Bank, to lead equities distribution globally.
Karofsky and Naylor have been adding and promoting colleagues from Deutsche Bank. Billy Mathews, hired from the German bank in March, was named head of U.S. cash equities trading, according to an internal memo obtained Tuesday by Bloomberg News.
Cave worked at Merrill Lynch from 1996 to 2012, according to Financial Industry Regulatory Authority records. Bank of America Corp. agreed to buy the firm in 2008. Other Bank of America equities traders hired by UBS in the past year include Kevin Moglia, Phil Purcell, Lauren Sclafani and Andrew Guman.