Bank of America Merrill Lynch Hires U.K. Senior Banker From UBS

By Ben Dummett

Bank of America Merrill Lynch has hired a senior banker from Swiss rival UBS Group AG to co-head one of two new roles to oversee its investment banking operations in the United Kingdom.

The move comes amid a sharp slowdown for deal activity so far this year in mergers and acquisitions, as well as equity and debt financings in the U.K., as many companies remain quiet until the outcome of Britain's planned divorce from the European Union becomes clearer.

Currently the talks are deadlocked. But some bankers suggest activity could increase, even if both sides fail to reach a withdrawal agreement before Britain is required to leave the EU on March 29, by enabling companies, their advisors and investors to better measure future risks of deals.

James Robertson is joining Bank of America Merrill Lynch in June as co-head of U.K. investment banking from UBS, where he headed UBS's U.K. advisory business. He will work alongside Peter Luck, who will retain his current responsibility as head of the U.S. bank's corporate brokering operation in the U.K. Both bankers will be based in London.

"The U.K. continues to be a critical market for us," Bank of America Merrill Lynch said in a memo announcing the appointments.

Bank of America's deals so far this year in the U.K. include leading Vodafone Group Plc's GBP3.4 billion ($4.44 billion) convertible bond issue and the GBP550 million equity offering by U.K. real estate investment trust Segro PLC. The U.S. bank's investment banking operation in the U.K. is ranked fifth measured by revenue so far this year, according to Dealogic.

Write to Ben Dummett at ben.dummett@wsj.com

(END) Dow Jones Newswires

March 11, 2019 10:10 ET (14:10 GMT)

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