Sept 2 (IFR) - UBS has joined rivals in cutting at the
highest level in its EMEA equity capital markets team, with
equity-linked head Juan Rodriguez leaving the bank over the
Like other banks, UBS is responding to a drop-off in ECM
deals that has led to a plunge in fees. Issuance in the year
to-date is down 42.7%. Fees have fallen similarly, leaving teams
vulnerable to cuts.
Rodriguez, who was a managing director, joined UBS in
equity-linked in August 2010 from Nomura and took charge of the
business in November 2014. Armin Heuberger, who previously ran
equity-linked, will take responsibility for it once again, in
addition to covering ECM in Germany and Austria.
UBS missed out on a run of non-dilutive convertibles, known
as synthetics, over the past year. Nonetheless, it was at the
forefront of pushing equity-linked into negative yields, leading
the first such deal and the first benchmark bond in over a
decade to price with a negative yield in early 2015.
(Reporting by Owen Wild; Editing by Gareth Gore)