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UBS shakes up dealmakers, names Paz-Galindo global M&A co-head
[ZURICH] UBS Group named Nestor Paz-Galindo as co-head of its global mergers and acquisitions group, part of a broader shakeup of the Swiss lender's roster of dealmakers.
Philipp Beck will succeed Mr Paz-Galindo as head of M&A for Europe, the Middle East and Africa, according to an internal UBS memo reviewed by Bloomberg. Mr Paz-Galindo will officially take up the role, alongside co-head Marc-Anthony Hourihan, in 2021 after a transition period.
Greg Peirce will become co-head of global banking for Australasia.
The Zurich-based bank also named David Descoteaux and Solon Kentas as co-heads of mergers and acquisitions for the Americas, according to the memo.
The former head of the Americas M&A group, Jeff Rose, will focus on overseeing consumer products and retail deals for the Americas and take on a new position as vice chairman of M&A. Mr Rose had been head of consumer and retail services at Deutsche Bank before he was hired in 2018 by UBS.
Jason Auerbach was also named as the bank's new global co-head of technology, media and telecommunications alongside Christian Lesueur. His predecessor Paul Crisci will become chairman of TMT in addition to his role as global head of private markets.
A representative for Zurich-based UBS confirmed the contents of the memos.
The bank's share of M&A activity has shot up this year, ranking No 6 with deals worth US$95 billion after finishing 18th in 2019, according to data compiled by Bloomberg. Morgan Stanley holds the No 1 slot this year with US$271 billion in deals, the data show.