UBS Group AG has lost members of its activism defense team in the US to rival banks, people with knowledge of the matter said.
New York-based managing director Jonathan Lurvey is going to Bank of America Corp. to focus on mergers and acquisition in the energy sector, according to the people, who asked not to be identified discussing private information.
Eric Wiley, also based in New York, is joining the mergers and acquisition group at Wells Fargo & Co., the people said.
The pair will join their new firms after a period of leave, the people said. Representatives for Bank of America and Wells Fargo declined to comment. A spokesperson for UBS didn’t respond to a request for comment.
New campaigns by shareholder activists reached record levels globally in the first six months of the year, data from Lazard Inc. show. While the pickup in was largely concentrated in the Asia-Pacific region, North America also saw an increase. In all, the number of new activists campaigns totaled 147, up 7% from 138 during the same period in 2023 and 29% above the five-year average, Lazard said.
Both Lurvey and Wiley worked at Credit Suisse before the bank was taken over by Swiss rival UBS last year. Earlier in his career, Lurvey worked at private equity firm Blackstone Inc., his LinkedIn profile shows. Wiley has in the past held roles at Gordon Haskett Research Advisors and Morgan Stanley, his profile shows.
As Goldman Sachs tightens rules on event contract trading, RIAs and hedge funds are weighing their own policies
Meanwhile, Wells Fargo lures defectors from UBS and JPMorgan to expand in the East Coast, while another bank aligns itself with RayJay's financial institutions division.
New research suggests AI-exposed workers over 55 are leaving jobs more often than before ChatGPT’s rise.
Agentic AI is landing in trading, treasury and wealth management roles across major banks, with advisory functions as the next frontier.
Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
