NEW YORK (Reuters) - UBS AG UBSN.VX has hired former Bank of America Corp (BAC.N) banker Mike Stewart as co-head of global equities, succeeding Yassine Bouhara, who will become CEO of emerging markets for the investment bank.
The move comes as the Swiss bank aggressively hires to reverse a talent bleed from its investment bank, which over the last few years has seen scores of bankers leave.
Bouhara takes on a newly created role, which complements a similar position in wealth management that was created last year and is a move to further tap growing business opportunities in the emerging markets through an integrated banking effort.
In October last year, Paul Raphael was named the head of wealth management for the emerging markets.
“What we need to do is have an integrated strategy for the emerging markets — where often private individual, institution, corporate and sovereign are the same person,” Bouhara said in an interview with Reuters. “The extraction of value in this market, our relative presence in wealth management has been unleveraged until now.”
Bouhara joined UBS in September 2010 as co-head of global equities after more than 12 years at Deutsche Bank (DBKGn.DE).
Francois Gouws, the other co-head of global equities at UBS, will continue in that role.
An internal memo on Friday stated that Stewart will also become head of securities in the Americas.
Formerly global co-head of equities at Bank of America Merrill Lynch, Stewart is on leave between jobs and is expected to join in late October. Bouhara will move into the new role at that time.
Reporting by Paritosh Bansal, editing by Dave Zimmerman and Gunna Dickson