UBS Hires Deutsche Bank's Hafner for Oil and Gas Role

UBS AG has hired Michael Hafner, a veteran of Deutsche Bank AG and Morgan Stanley, to head its oil and gas business in Europe.

Previously Hafner was head of energy for the region at Deutsche Bank and has worked on deals involving companies like BP Plc and Total SA, according to an internal memorandum. A spokesman for UBS confirmed the contents of the memo.

Under investment bank chief executive officer Andrea Orcel, UBS is making targeted additions to its ranks that have included JPMorgan Chase & Co. banker Severin Brizay and HSBC Holdings Plc’s William Barter. At the same time, it’s exiting most debt-trading activities and shrinking its investment-banking operations overall to help meet capital requirements.

Dealmaking in the energy sector has been restrained this year as most large oil companies focus on their own operations, rather than major acquisitions. The largest transaction so far was RWE AG’s $7.1 billion sale of its exploration and production operations to AAR, an investment vehicle controlled by Russian billionaire Mikhail Fridman.

Yesterday Deutsche Bank announced it had hired Marc Benton, formerly of Barclays Plc, to lead its own European energy business.

Before it's here, it's on the Bloomberg Terminal.