UBS Names Paz-Galindo Global M&A Co-Head in Deals Shuffle

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UBS Group AG named Nestor Paz-Galindo as co-head of its global mergers and acquisitions group, part of a broader shakeup of the Swiss lender’s roster of dealmakers that also appointed a new head of technology, Jason Auerbach.

Philipp Beck will succeed Paz-Galindo as head of M&A for Europe, the Middle East and Africa, according to an internal UBS memo reviewed by Bloomberg. Paz-Galindo, who came to the bank in 2015 from JPMorgan Chase & Co., will officially take up the role, alongside co-head Marc-Anthony Hourihan, in 2021 after a transition period.

Greg Peirce will become co-head of global banking for Australasia.

The bank also named David Descoteaux and Solon Kentas as co-heads of mergers and acquisitions for the Americas, according to the memo.

The former head of the Americas M&A group, Jeff Rose, will focus on overseeing consumer products and retail deals for the Americas and take on a role as vice chairman of M&A. Rose was consumer and retail services head at Deutsche Bank AG before he was hired in 2018 by UBS.

Tech Group Promotion

Auerbach was named as the bank’s new global co-head of technology, media and telecommunications alongside London-based banker Christian Lesueur. Auerbach’s predecessor Paul Crisci will become chairman of TMT in addition to his role as global head of private markets. Auerbach will join the global banking management committee as part of the promotion.

Auerbach and Crisci were some of the Jefferies Financial Group Inc bankers who decamped in 2016 for UBS and helped build up the technology practice. Their group is one of the fastest growing and most profitable sector teams at the bank, the memo said.

“Jason has originated multiple high-profile transactions that have resulted in UBS’s emergence as a leading sell-side advisor within the technology PE ecosystem,” the memo said.

A representative for Zurich-based UBS confirmed the contents of the memo.

The bank’s share of M&A activity has shot up this year, ranking No. 6 with deals worth $95 billion after finishing 18th in 2019, according to data compiled by Bloomberg. Morgan Stanley holds the No. 1 slot this year with $271 billion in deals, the data show.

Paz-Galindo with other UBS bankers in April predicted that European deals would revive sooner than some expected, with the pandemic creating opportunities. Companies with strong balance sheets could take advantage of lower prices, while vulnerable companies would be on the defensive to fend of hostile takeovers, he said.

©2020 Bloomberg L.P.

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