Bank of America Merrill Lynch Hires U.K. Senior Banker From UBS
12 March 2019 - 1:25AM
Dow Jones News
By Ben Dummett
Bank of America Merrill Lynch has hired a senior banker from
Swiss rival UBS Group AG to co-head one of two new roles to oversee
its investment banking operations in the United Kingdom.
The move comes amid a sharp slowdown for deal activity so far
this year in mergers and acquisitions, as well as equity and debt
financings in the U.K., as many companies remain quiet until the
outcome of Britain's planned divorce from the European Union
becomes clearer.
Currently the talks are deadlocked. But some bankers suggest
activity could increase, even if both sides fail to reach a
withdrawal agreement before Britain is required to leave the EU on
March 29, by enabling companies, their advisors and investors to
better measure future risks of deals.
James Robertson is joining Bank of America Merrill Lynch in June
as co-head of U.K. investment banking from UBS, where he headed
UBS's U.K. advisory business. He will work alongside Peter Luck,
who will retain his current responsibility as head of the U.S.
bank's corporate brokering operation in the U.K. Both bankers will
be based in London.
"The U.K. continues to be a critical market for us," Bank of
America Merrill Lynch said in a memo announcing the
appointments.
Bank of America's deals so far this year in the U.K. include
leading Vodafone Group Plc's GBP3.4 billion ($4.44 billion)
convertible bond issue and the GBP550 million equity offering by
U.K. real estate investment trust Segro PLC. The U.S. bank's
investment banking operation in the U.K. is ranked fifth measured
by revenue so far this year, according to Dealogic.
Write to Ben Dummett at ben.dummett@wsj.com
(END) Dow Jones Newswires
March 11, 2019 10:10 ET (14:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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