MOVES – A dozen UBS executives in Australia resign – sources
SYDNEY, March 15 (Reuters) – Round a dozen UBS Australia employees, together with senior financial institution analyst Jonathan Mott and senior mining analyst Glyn Lawcock, have resigned their decades-long positions on the Swiss funding financial institution , mentioned two sources educated on the matter. .
Mott and Lawcock have been each employed by Barrenjoey Capital Companions, a start-up partly owned by Barclays Plc and Magellan Monetary Group, in accordance with the Australia Monetary Overview, which first reported the strikes.
Mott, who has labored as a banking analyst for UBS since 2002 in accordance with his LinkedIn web site, didn’t return Reuters messages in search of remark. Lawcock, a roughly 20-year UBS veteran and one among solely three mining firm analysts to attain 5 out of 5 stars on Refinitiv Eikon, declined to remark.
Representatives for Barrenjoey and UBS within the Asia-Pacific area didn’t instantly return a request for remark. The sources declined to remark as a result of delicate nature of the scenario.
Workers left on Monday after receiving fee of deferred money bonuses that have been paid final week, one of many sources with data of the scenario advised Reuters.
A lot of the departures have been within the analysis division and they’re going to be a part of Barrenjoey, the individual mentioned. An individual within the fairness trade additionally resigned.
UBS, which has round 650 workers in Australia and New Zealand, together with round 90 in non-research equities, and round 130 in company finance, will look to rehire or fill the positions internally, the second supply mentioned.
With funding from Barclays and Magellan, Barrenjoey was created final yr by a number of former UBS workers, together with Matt Hanning, former director of funding banking operations at UBS Asia Pacific and Man Fowler, who beforehand headed company finance and fairness capital markets in Australia.
Its creation turned the already aggressive native funding banking scene the other way up because it poached a number of high-profile employees from rivals together with JPMorgan and UBS.
Further reporting by Sonali Paul in Melbourne; Enhancing by Jacqueline Wong