UBS Group AG has hired Credit Suisse Group AG’s former Australian equity capital markets syndicate banking head Tim Usasz.
The Sydney-based banker will join the Swiss lender as an executive director in equity capital markets, according to a memo to staff seen by Bloomberg News. Usasz will work alongside Richard Wilks and Kit Collins in equity syndication, according to the memo.
Usasz led Credit Suisse’s equity syndication team before his departure, Bloomberg News reported in February. He will join UBS in July, working with the client coverage and capital markets teams across the business, the memo showed.
A UBS spokeswoman confirmed the contents of the memo.
UBS is striving to retain Credit Suisse staff whom it sees as critical to the future of the combined bank, courting stars and paying retention bonuses. Credit Suisse was forced into a $3 billion deal with larger rival UBS in March after a collapse in confidence.
In Australia and New Zealand, UBS is ranked third in equity and rights offerings underwriting this year with $767 million worth of deals, Bloomberg league table data show.
Usasz was a professional rugby player prior to working in investment banking. The Australian-born American played for the USA national rugby union team, his LinkedIn shows.
