UBS has hired a senior Credit Suisse dealmaker to bolster its new unit aimed at increasing collaboration between its wealth management and investment banking teams.
The Swiss bank has raided its cross-town rival with the hire of Jean-Marc Botteri, a managing director within Credit Suisse’s capital markets solutions group, according to people familiar with the matter.
Botteri will join the bank in August as a managing director within UBS’s global financing team, a spokesman confirmed to Financial News, a new unit set up last year to provide more complex forms of lending to its wealthiest clients.
The team is run by Remi Mennisson, who joined from Credit Suisse in November last year, where he led a strategic transactions group catering to ultra-high-net-worth clients. He was a 20-year veteran at the Swiss bank, and a key ally of Iqbal Khan, who joined UBS from Credit Suisse to head up its wealth management unit.
Mennisson reports into UBS’s co-presidents including Khan, his co-head co-head Tom Naratil and investment banking boss Rob Karofsky.
Botteri is one of the first senior hires for the new financing unit, and is reunited with Mennisson at UBS. The team focuses on corporate derivatives and structured solutions, investment banking products that can be offered to individuals.
Botteri took over Mennisson’s responsibilities at Credit Suisse on an interim basis alongside Abhishek Sudhir when his departure was announced in May, Reuters reported.
His departure from Credit Suisse is also another exit from the Swiss bank, which has been rocked by a $5.5bn loss linked to the collapse of family office Archegos. At least 10 managing directors within its US investment banking unit have left in recent months, The Wall Street Journal reported, with others reportedly considering their options.
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