UBS's U.S. wealth management unit promoted one executive and hired two more from rivals in a bid to boost its capital markets capabilities, according to a memo obtained by On Wall Street.
The moves were made "in response to some of the attractive shifts we see taking place in public finance and across the industry," President Tom Naratil said in the memo, which was sent to employees on Wednesday.
Mark Sanborn will succeed Tom Troy as head of capital markets and sales. Sanborn, who has worked at UBS since 2011, previously served as chief risk officer for the wirehouse's investment bank, per the memo.
The wirehouse also reported record revenue of over $2 billion for the recent quarter.
Several division executives have moved into new roles, retired or left the company, according to a memo seen by On Wall Street.
Chris Harvey will oversee 420 advisers managing $110 billion in total client assets.
After a 30-year career in financial services, Troy will retire later this year following a transition period. Naratil credited Troy with helping the wealth management unit build out sales and trading functions.
Peter Hill will be join the wirehouse as the head of public finance, a newly created position. Hill previously worked at Wells Fargo where he has served as U.S. head of public finance since 2009, according to the memo.
Steven Genyk, previously with Janney Montgomery Scott, will join UBS as head of municipal trading. Genyk led Janney's fixed income capital markets group.
Both executives will formally join UBS after a garden leave period.
Sanborn and Hill will report to Naratil, while Genyk will report to Sanborn, according to the memo.
