(Comment from UBS and background on league boards)
SYDNEY, March 15 (Reuters) – UBS Australia has about 10 employees, including chief banking analyst Jonathan Mott and mining analyst Glyn Lawcock who had been with the Swiss investment bank for about two decades each, retired, said two sources with knowledge of the matter. .
Both Mott and Lawcock are hired by Barrenjoey Capital Partners, a start-up company that is partly owned by Barclays Plc and Magellan Financial Group, according to the Australian Financial Review, which first reported the trends.
Mott, who has been working as a banking analyst for UBS since 2002, did not return, according to his website LinkedIn, Reuters messages seeking comment. Lawcock, one of three mining analysts rating 5 out of 5 stars on Refinitiv Eikon, declined to comment.
Representatives for Barrenjoey and UBS in Asia Pacific did not immediately return a request for comment. The sources declined to comment due to the sensitive nature of the situation.
Employees left on Monday after paying off deferred cash bonuses made last week, one of the sources familiar with the situation told Reuters.
Most of the departures were in the research department and will go with Barrenjoey, the man said.
An employee of the equality industry also retired.
UBS, which has around 650 employees in Australia and New Zealand, including nearly 90 in non-research allowances, and around 130 in corporate finance, will try to take the jobs back or filled in, the second source said.
Along with Macquarie and Goldman Sachs, UBS is one of the largest investment banking operations in Australia. The Swiss bank topped Australia’s capital and debt market charts for 2020 and reached number 2 in the local target M&A league rankings, behind Goldman Sachs, according to Refinitiv.
Nick Hughes, co-head of UBS in Australia and New Zealand, said the head office is supportive of the local efforts expected to rebuild the team.
“UBS across the globe is fully committed to the Australian industry and ensuring we have the best talent,” said Hughes, adding that the re-employment process will take time.
“We will go through a period of renewal in the areas where we need to (…), make the required investments and look at internal candidates as part of that process with the strength of our talent. us. ”
With funding from both Barclays and Magellan, Barrenjoey was founded last year by a number of UBS employees including Matt Hanning, former head of UBS Asia Pacific investment banking and Guy Fowler, formerly this drives corporate finance and equity capital markets in Australia.
Its establishment has shaken up the already competitive local investment banking outlook, as it has competed with a number of high-profile employees, including JPMorgan and UBS.
Additional statement by Sonali Paul in Melbourne; Edited by Jacqueline Wong and Sherry Jacob-Phillips