UBS M&A chief jumps ship

Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG according to an internal company memo. He left UBS after a six-year stint with the company. The co-global head of mergers and acquisitions, Piero Novelli, will become sole global head of M&A, according to the memo, which was sent global investment banking heads Alex Wilmot-Sitwell and Rick Leaman on May 24. Mr. Reich's departure follows that of several investment banking executives, including U.S. investment banking head Kenneth D. Moelis, investment banking co-head Jeffrey McDermott and senior mergers and acquisitions banker Eric Warmstein (InvestmentNews, March 22) . In a memo dated May 25, Adam Reeder and Steve Conway, who ran the UBS financial sponsors/leveraged finance business, would take on new roles. John Sinik and Steve Smith were named join global heads of leveraged finance, the memo said. Mr. Sinik will continue in his role as co-head of the EMEA financial sponsors group with Christian Hess.