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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.

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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.

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