UBS Loses Nine TMT Investment Bankers to SVB

At least nine bankers have left UBS Group AG’s technology, media and telecommunications group to join SVB Financial Group’s advisory arm, including group head Jason Auerbach, according to people familiar with the matter.

The people -- who asked to not be identified discussing a private matter -- said other bankers joining SVB Leerink include:

  • Bob Casey
  • Robert Jackman
  • Mike Rosso
  • J.T. Stephens
  • Chris Montgomery
  • Nathan Laverriere
  • William Goodman
  • Zheniya Sidarchuk

The departures represent a setback for UBS’s U.S. investment-banking efforts. All of the bankers were managing directors at UBS except for Sidarchuk, an executive director.

Another UBS banker, Alex Iosilevich, left the TMT group for an opportunity at a different firm, they said. He joined UBS in 2019 as head of media investment banking in the Americas.

Paul Crisci will be UBS’s interim global co-head of TMT alongside Christian Lesueur, a person familiar with the matter said. Crisci, who joined in 2015, is also global head of private financing markets and chairman of global TMT.

A representative for UBS declined to comment and a representative for Silicon Valley Bank didn’t respond to a request for comment. None of the bankers had a comment.

The moves come during a boom in technology and media dealmaking, as companies from Microsoft Corp. to AT&T Inc. use M&A to adjust their strategies amid a fast-shifting industry landscape. They also come as bankers increasingly depart big firms for smaller outfits. Centerview Partners just hired three Bank of America Corp. senior bankers in Silicon Valley.

SVB Leerink, best known for its work in the health-care space, has been in hiring mode in recent months.

The investment-banking unit at UBS underwent a broad restructuring under former Chief Executive Officer Sergio Ermotti that severely downsized the trading and advisory businesses, particularly in fixed income. The division is largely used to service the bank’s rich clients in its much larger wealth-management arm. In 2019, the bank decided to focus on key sectors where they had strength, including TMT, and align teams across geographies.

Revenue in the global banking division was up 48% in the first quarter, due to a significant increase in UBS’s equity capital markets business which was driven by elevated initial public offerings activity and advisory in Europe, the Middle East and Africa.

Insider earlier reported Auerbach’s and Montgomery’s departures.

©2021 Bloomberg L.P.

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