UBS Names European Restructuring Chief

LONDON (Reuters) – Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research) said it has appointed Matthew French as its new head of European restructuring.

French was previously a partner at law firm Lovells, where he led the Distressed Investing Practice, UBS said in an internal memo.

“The Restructuring sector is a growth area and continues to be a focus for our EMEA franchise,” the memo said.

French replaces Soren Reynertson, who left UBS last year to join Morgan Stanley (MS.N: Quote, Profile, Research) as managing director of the leverage and acquisitions finance group.

Investment banks are expanding their restructuring units as a gloomy economy is expected to lead to a wave of insolvencies and debt refinancings.

Andrew Merrett, former director of restructuring at Close Brothers CBG.L, moved to Rothschild [ROT.UL], while Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research) hired Andrew Wilkinson from law firm Cadwalader.

By Elena Moya