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(Adds head of financial sponsors Justin Dwyer resignation)
By Paulina Duran
SYDNEY, March 15 (Reuters) - Around 10 UBS Australia
bankers, including top banking analyst Jonathan Mott, mining
analyst Glyn Lawcock and head of financial sponsors advisory
Justin Dwyer, have resigned, two sources with knowledge of the
matter said.
The majority of the departing staff have been hired by
startup Barrenjoey Capital Partners, which is partly owned by
Barclays Plc and Magellan Financial Group,
according to the sources. The moves were first reported in the
Australia Financial Review.
Representatives for Barrenjoey did not return a call and an
email requesting comment. The sources declined to be named due
to the sensitive nature of the situation.
Nick Hughes, co-head of UBS in Australia and New
Zealand, declined to comment on specific details of the
departures, but said the head office was supportive of the
expected local efforts to rebuild the team.
"UBS globally is fully committed to the Australian business
and to ensuring that we have the best talent," Hughes said.
"We will go through a period of renewal in the areas where
we need to..., will make the necessary investments and look at
internal candidates as part of that process."
Mott did not return messages seeking comment, while Lawcock,
one of only three mining analysts rated 5 out of 5 stars on
Refinitiv Eikon, declined to comment. Both had been at the Swiss
investment bank for about two decades.
Dwyer also resigned on Monday to join Barrenjoey, one of the
two sources and a third person said.
Most of the departures were in the research department and
will join Barrenjoey, one of the sources said. An employee in
the equities business also resigned.
The staff left on Monday after receiving payment of deferred
cash bonuses made last week, one of the sources with knowledge
of the situation told Reuters.
With funding from both Barclays and Magellan, Barrenjoey was
formed last year by several former UBS staff including Matt
Hanning, former UBS Asia Pacific investment banking operations
head, and Guy Fowler, who previously led corporate finance and
equity capital markets in Australia.
It has poached several high-profile staff from its rivals,
including JPMorgan and UBS.
Alongside Macquarie and Goldman Sachs, UBS is one of
Australia's largest investment banking operations, with about
650 staff in Australia and New Zealand including nearly 90 in
equities excluding research, and about 130 in corporate finance.
The Swiss bank topped the Australian equity and debt capital
markets ranking tables for 2020 and ranked No. 2 in the local
target M&A league table behind Goldman Sachs, according to
Refinitiv.
(Additional reporting by Sonali Paul in Melbourne; Editing by
Jacqueline Wong, Sherry Jacob-Phillips and Jan Harvey)
