UBS Hires Morgan Stanley’s Kesselring for Swiss Investment Bank
(Bloomberg) — UBS Group AG has hired Martin Kesselring from Morgan Stanley to lead corporate client solutions in Switzerland.
The bank said in a memo Friday that Kesselring will join Switzerland’s biggest bank in April to cover “key large and mid-cap” business clients for the division, which deals with bond and stock sales and advises on mergers and acquisitions.
He will report to William Vereker, head of corporate client solutions in Europe, the Middle East and Africa, and Christine Novakovic, who leads the UBS investment bank in Switzerland. A spokesman for UBS confirmed the memo’s contents.
“Switzerland, being our home market, is one of our most important franchises,” Vereker and Novakovic said in the memo. “Martin will bring a great deal of experience to the role and will partner with the sector bankers and the corporate and institutional client teams to grow this key franchise.”
Kesselring was co-head of investment banking Switzerland at UBS from 2004 to 2007, according to the memo. At present he is head of investment banking Switzerland at Morgan Stanley, where he also leads the Swiss branch.
UBS is focusing more on the advisory business in investment banking, after scaling down capital-hungry bond-trading businesses to reduce risk under its head of investment banking, Andrea Orcel.
Once Switzerland’s top mergers adviser, UBS was ranked 18th on deals involving a Swiss company last year, data compiled by Bloomberg show. UBS is among banks that will manage a possible public listing by Sunrise Communications AG.
Kesselring’s hiring was reported earlier by Financial News.
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To contact the reporters on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net; Elena Logutenkova in Zurich at elogutenkova@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Cindy Roberts, Steve Bailey
