Bank of America Corp. hired Paul Bjorneby from UBS Group AG to be a managing director in the equity capital markets group focused on energy.
Bjorneby will start in October and be based in New York, according to an internal memo obtained by Bloomberg and confirmed by John Yiannacopoulos, a spokesman for Bank of America. Bjorneby spent two years at UBS as a managing director in energy ECM, after 12 years at Barclays Plc and Lehman Brothers Holdings Inc., the memo shows.
Seven energy companies have held initial public offerings in the U.S. this year, raising about $4.03 billion -- about half the amount raised during the same period in 2014, according to data compiled by Bloomberg. New issues have been challenged by a decline in oil prices that sent stocks with exposure to the industry tumbling. The Standard & Poor’s 500 Energy Sector Index has slumped more than 10 percent this year.
Bank of America ranks 4th in 2015 for energy equity underwriting in the U.S., data compiled by Bloomberg show. UBS ranks 11th, the data show.
Bjorneby will report to J.D. Moriarty, the head of ECM Americas, according to the memo.