The head of fixed income structuring at UBS in New York has left the bank after more than 16 years to join HSBC.
Chris MacKenzie will be tasked with providing a boost to HSBC’s U.S. business unit focused on structured asset and financing transactions for sell-side financial institutions, hedge funds and private equity firms. McKenzie served in a similar role at UBS, where, in addition to both buy-side and sell-side firms, he also worked with emerging-markets and insurance clients and was responsible for group revenue performance and product innovation.
MacKenzie is a rare senior hire at HSBC, which has been losing managing directors in both the U.S. and UK over the past few months. Transportation and infrastructure MD Greg Hely-Hutchinson left for Duff & Phelps, the former head of U.K. FIG investment banking Ben Leonard is now investing in fintech, the ex-Americas head of oil and gas advisory Carlos Garibaldi left and Luis Galeano, the head of its consumer investment banking unit in the U.S. is now heading up a cookie company.
On the other hand, Coalition and McKinsey findings place UBS’s investment banking division in the third tier – among ‘regionally focused banks strong in some product areas’ (in the case of UBS, equity derivatives) – as it places more strategic focus on wealth management and asset management in some regions, including the U.S.
UBS has started building a new restructuring team in New York and recently landed ex-Goldman Sachs U.S. algorithmic trading, sales and coverage head Peter Sheridan, who is leading its electronic trading distribution team in the Americas.
In addition, Rich Crossley, who was most recently the APAC CIO at J.P. Morgan, recently joined UBS as its new global head of equities technology. Prior to joining J.P. Morgan, he had been the global head of equities technology at Citi.
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