UBS Hires Credit Suisse's Hershberger for Asset Management

UBS Group AG is hiring investment banker Joseph Hershberger from Credit Suisse Group AG, where he was a managing director and global head of asset management banking, according to a company memo.

Hershberger is joining UBS as a vice chairman in financial institutions, focusing on asset management, according to the memo, which was obtained by Bloomberg and confirmed by a UBS representative. He starts work at UBS in the second quarter and will be based in New York, the memo shows.

At Credit Suisse, Hershberger will be replaced by Hamish Summerfield, who has been named head of global asset management in the firm’s financial institutions group, according to a separate memo from Credit Suisse, obtained Tuesday by Bloomberg and confirmed by a company representative.

Summerfield will move to New York from London, where he is currently head of asset management for Europe, the Middle East and Africa. He joined Credit Suisse in 2007 as a director from Putnam Lovell.

Hershberger also worked at Putnum Lovell earlier in his career, where he established its alternative-asset management advisory practice, according to the UBS memo. Leucadia National Corp.-owned Jefferies Group acquired Putnam Lovell in 2007.

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