UBS has named Gareth McCartney and Jeff Mortara co-global heads of the equity market as the Swiss bank seeks to profit from the boom in blank check companies and initial public offerings.
The Swiss bank has promoted two of its largest equity capital market bankers to new global roles, as it seeks greater collaboration in its core markets, according to an internal memo seen by Financial news.
McCartney led the Swiss bank’s ECM activities for Europe, Middle East and Africa, while Mortara leads the activities in the United States.
The move means UBS now has global heads of the unit after nearly two years, following the departure of Javier Martinez-Piquerasas during a reshuffle of its investment bank in October 2019.
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In September of the same year, UBS consolidated its debt and equity teams into a unit called Public Capital Markets, headed by Brendan Connolly. Connolly assumed the responsibilities of Martinez-Piqueras.
Connolly’s note announcing the changes indicated that UBS was looking to capitalize on the Spacs boom and a significant increase in ECM volumes during 2021. Despite a recent slowdown, Spacs has raised more than $ 110 billion over the years. first six months of this period. year, according to data provider Dealogic, and transactions have mushroomed in Europe in recent months.
“Our leadership in the Spacs market has been essential not only with regard to regional goals, but also represents an important area of ââcoordination and growth at the global level,” the memo reads. âThese results are a clear testament to the dedication of our teams and the coordination carried out by our group leaders in each region, both among themselves and between divisions. “
UBS ranks 10th in global ECM revenue in the first half of 2021, according to Dealogic, with $ 482 million, more than double the $ 188 million earned in the same period last year.
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