UBS Adds Kennedy to Lead U.S. Financial Institutions Banking
Kennedy, who has worked at Barclays Plc (BARC), will join the Zurich-based firm in March, UBS said in a memo to employees, a copy of which was obtained today by Bloomberg News. He will be based in New York, reporting to Steve Cummings, who leads the corporate client solutions unit in the Americas.
UBS has reorganized its investment bank and pledged to exit most of its fixed-income trading businesses to boost profitability. The lender has produced 1.71 billion Swiss francs ($1.87 billion) 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.
Kennedy was Barclays’s co-head of the depository group in the Americas. He previously worked at Credit Suisse and began his career as a mergers and acquisition attorney at Sullivan & Cromwell LLP, according to the memo. Halle Benett, who previously oversaw UBS’s FIG team in the Americas, will lead the specialty finance group, according to the memo.
Financial companies in the Americas have been the seller, target or acquirer on $641.2 billion of deals this year, up from $615.1 billion in 2011, according to data compiled by Bloomberg. UBS ranks 11th among advisers on such mergers and acquisitions, down from eighth last year, the data show.
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