UBS Group is looking to seize more advisory work in the private markets amid the economic downturn, launching the Private Markets OneBank Partnership as part of the investment bank’s revamping, according to an internal memo obtained by PE Hub.
The group gives the bank “one centralized function for the Americas managing the origination and distribution of all private markets transactions, along with the cross-divisional origination of Global Banking business,” the memo stated.
The intent of the Swiss bank’s latest initiative is to build off of the momentum of Private Financing Markets, a group within UBS Global Banking launched in July 2019 and led by Paul Crisci, according to the memo.
Private Financing Markets, under Crisci, was created to boost its wealth management clients’ exposure to the private capital markets – an asset class that has seen consistent and rapid growth over the last several years.
“Today, an increasing number of UHNW [ultra-high-net-worth] and family office clients are actively seeking private markets opportunities to enhance portfolio diversification and returns, or to reevaluate their business or real estate ownership,” the memo stated.
The PFM team has advised on various transaction structures, including primary and secondary transactions for corporates and single assets across all components of the capital structure. The group also has advised on private investments into public entities and private acquisition financings, according to details outlined in the memo.
“We continue to believe that the appeal of private markets will grow, and that our ability in the Americas to connect clients to these opportunities will further differentiate our firm,” the memo stated.
A UBS spokeswoman confirmed the contents of the memo, which was distributed internally on Tuesday.
Crisci will take on the role of Global Head of Private Markets and will oversee the Private Markets OneBank Partnership structure in the Americas.
In other key leadership changes, Brian Hull, executive vice chairman of UBS Americas, will be senior sponsor of the partnership. Mark Sanborn, head of Markets Americas, will work closely with Crisci to design and implement the architecture of the partnership.
Alan Felder, head of PFM Americas, will continue to lead UBS’s expanded private markets activities, capabilities and resources in the region – including leading investment banking origination efforts in Global Wealth Management Americas. Recent additions to the PFM team include Ed Chiang, who joined from Moelis, and Mike Rosso, who joined from RBC Capital Markets.
In other organizational changes, Direct Investments Group Americas, led by Don Giuseppi, will move into Alternative Investments under Jerry Pascucci, GWM Global Head of AI.
Ollie Henderson, the head of UBS’s Business Development Group, will become part of PFM Americas.
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