WILLIAM Vereker, one of the City’s best-known dealmakers, is quitting Nomura to join UBS, it emerged yesterday.
Vereker, who advised Xstrata on its blockbuster merger with Glencore, will perform a client focused advisory role at UBS, where he will hold the position as head of corporate client solutions for EMEA.
Nomura shocked the City last year by asking Vereker to step down as global co-head of investment banking, a move seen by many as the precursor to his departure from the bank.
His hire at UBS will be heralded as a sign that the newish investment banking chief, Andrea Orcel, is determined to hire big names to bolster his bank’s performance even while the institution carries on with a programme to shed around 10,000 jobs.
Piero Novelli, the seasoned dealmaker, rejoined UBS as its chairman of global M&A earlier this year, marking then the most high-profile hire by the Swiss bank’s new investment bank chief.
Orcel has sought to strengthen UBS’s advisory business while drastically shrinking its capital-intensive fixed income trading businesses. UBS declined to comment last night.