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UBS merges divisions into one leveraged capital markets group

By Jonathan Schwarzberg

NEW YORK, April 16 (LPC) - Swiss investment bank UBS is slated to merge its debt capital markets (DCM) and leveraged capital markets (LCM) units into a single global entity, according to an internal memo obtained by LPC, a unit of Refinitiv.

A UBS spokesperson confirmed the memo as accurate.

The internal communication was sent on Tuesday morning to bank employees from David Chin, head of corporate client solutions (CCS) in the Asia-Pacific (APAC); Sam Kendall, head of CCS in the Americas; and Javier Oficialdegui, head of CCS for Europe, Middle East and Africa (EMEA).

“This step will allow our teams to partner even more closely to provide clients with holistic and comprehensive debt financing solutions, and will allow for more flexible allocation of resources against the opportunity set,” the memo states.

The combined groups will be referred to as Leveraged Debt Capital Markets (LDCM). Brendan Connolly will lead the group globally.

Brendan Dillon will head up the group in the Americas while David Slade will lead the team in the EMEA regions.

Gaetano Bassolino will lead the debt capital markets business in the APAC region with Deepak Dangayach leading the leveraged capital markets business there.

As part of the reorganization, UBS plans to move its US Financial Institutions Group (FIG) DCM business, which is headed by Sam Reinhart, to the firm's Financial Institutions Group, according to a separate memo sent by Dillon.

The bank plans to expand the US FIG DCM business to provide a broader product. Todd Mahoney will lead the Corporate and FIG DCM Syndicate business in the US.

In the new LDCM group in EMEA, Vinod Vasan will remain in charge of DCM coverage with Barry Donlon managing the Capital Solutions and Liability teams, according to a third memo sent by Slade. Armin Peter will lead the DCM Syndicate group in the EMEA.

Sarah Mackey will stay on as the head of the leveraged finance origination team with Abudy Taha and Bruce Mackenzie co-heading leveraged capital markets. (Reporting by Jonathan Schwarzberg. Editing by Michelle Sierra and Jon Methven)