UBS has hired Carlos Alvarez, a long-tenured senior investment banker with Deutsche Bank, to join its financial institutions group as the US head of specialty finance and permanent capital, according to a memo seen by Business Insider.
Alvarez will take on similar responsibilities at the Swiss bank as his previous role at Deutsche Bank, where he spent his entire career and left as the head of permanent capital in the financial institutions group.
In that position he primarily focused on raising capital and providing dealmaking advice to specialty finance firms like mortgage REITs, business development corporations (BDCs), and special purpose acquisition vehicles (SPACs), according to the memo from Neil Carragher, UBS’ financial institutions group head in the Americas.
UBS spokeswoman Erica Chase confirmed the contents of the memo.
Alvarez’ hiring is one in a string of recent additions by UBS’ investment bank in the US. Andrea Orcel, president of UBS’ investment bank, recently vowed to ramp up the bank’s US dealmaking presence with “a very aggressive plan” that includes luring top bankers away from competitors.
In recent months the bank has also added to its roster:
- Eric Moskal (Deutsche Bank) – Head of the Global Industrials Group in the Americas
- Stellar Tucker (Foros) – Head of Business Services, Global Industrials Group
- JT Stephens (RBC) – Head of Internet and Digital Media, Americas
- Chris Cormier (Bank of America Merrill Lynch) – Head of TMT ECM, Americas
Alvarez departed Deutsche Bank in early February, according to people familiar with the matter, well before turmoil within the bank bubbled to the surface and led to the ouster of CEO John Cryan in early April.
Under new CEO Christian Sewing, the German lender announced this week a plan to dial back its Wall Street ambitions and focus more intently on European clients, signaling significant cuts ahead for its US investment banking practice.
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