UBS-KKR Conflict of Interest? Potential Scandal?
At a rival bank, but somehow I’ve kept seeing press releases of UBS landing KKR deals and having Henry Kravis give talks to UBS Bankers. I've always found it strange given broader UBS deal flow.
Now it appears to be clear.
Marco Valla, head of UBS IB, appears to be living or have been living with to Monica Mandelli a global head of America's ex-US at KKR. (See Elle Decor Article titled A Minimalist Makeover by David Colman from 2010)
This appears to be a potential massive conflict of interest that has not really been reported on.
This is sadly how much of Wall Street actually works, all about personal connections
yfw people act like they always have at every single point of human history
so where's the conflict of interest exactly?
unless UBS specifically picks KKR on auctions, every business is free to chose with whom to do business for whatever reason he wants
Definetly an appearance of a conflict if UBS hit rate on landing KKR deals is significantly higher than other sponsors, and there are significant personal connections between the two
ahhh so you're all talking about just a simple conflict of interest
sure, I had in mind more of a legal/illegal conflict of interest - as if favoritism is something new lol
Starts raising questions about the flywheel
Are you saying UBS and KKR are in bed with each other?
More than in bed, they even have a son
Super simultaneous UBS-KKR Intern incoming in hot
idgaf about if they have son - does anybody know if they have a daughter?
10 Ways It Could Be a Conflict of Interest
Well put, I’d think it wouldn’t be allowed
Is that not obviously a ChatGPT comment? I mean I guess it's good info and relevant but is this what we're doing now?
This isn't that uncommon - in London a sponsors coverage MD's wife is in the c-suite at Apollo
Lends itself to corruption
But does the bank do the most bussiness with Apollo out of any other Sponsor, if so also equally as shitty
Sounds like the Sponsor MD is really good at his job tbh
Gross who writes articles about the style of their interior design like the article. The most insufferable type of people
hoity-toity
There are some other sponsors bankers at UBS that have very good relationships with KKR.
But with that said I do think this should be investigated to ensure things are being done above board. Would think people that are married and at different firms shouldnt be allowed to be on the same deal.
Loser WSO users calling out conflicts of interest vs. Chad UBS/KKR dealmakers exploiting an easily exploitable system
Between things like this and politicians trading, really makes you question the integrity of the markets
Think she does more Cap Markets, would be curious if she’s ever gotten really lucky with UBS related deals
@Unusual_Whales
is there a way to get the UBS Tech/M&T group heads to shack up with some elite firm's women as well? Group desperately needs more dealflow/potential conflicts of interest
Keep dreaming, No way! They struggle to even retain women on their teams as juniors
Doubtful
…
UBS is performing 30% worse than before CS integration. That’s the real issue here.
UBS has experienced an unprecedented brain drain in the last couple years
The virginity level on this thread is peak…
The lady in question works in client solutions in KKR (ie, investor relations covering HNW individuals) and while she has a nice job, she is not particularly senior and literally has zero influence on hiring investment banks.
This is the correct answer, but is it the actual answer 🤔
This is one of the strongest Sponsor-Investment Bank relationships on the street.
That’s Unusual
It May be but it has nothing to do with this
KKR Cap markets have their strong likes and dislikes (and I am on the latter side of the ledger) but those almost entirely correlate to how unholy the underwriting terms are, and UBS does lean in more for KKR deals
It’s embarrassing to lose business to UBS but there is zero untoward here
Virginity level is high because maybe the posters aren’t use to being f*ed by Wall Street executives in such a blatant manner
It also shows how little people understand about life here to assume that’s a role of any seniority at KKR. It’s basically equities in Dallas
17 years in GS banking, HBS graduate, yet you make her sound like just a janitor in the office.
Gtfo
Nothing to see here folks, she is just a janitor… (wink wink)
That’s life folks. Which kind of shows how low you are in the pecking order
She has zero authority whatsoever
Of course neither does her husband. Being head of IB at UBS is like being a kicker for an NFL team
Hope they are using signal and hope it never leaks
Not a potential conflict of interest but an actual conflict of interest. The only question now is whether there are action(s) which clearly expose that conflict
Yikes, Imagine where UBS would be without KKR
Even if it’s a conflict it’s not UBS’s problem, it’s KKRs. And anyone who has actually worked with KKR Cap Markets knows how rigorous that process is and the idea that some low level MD (one of hundreds) not on the investment or cap markets side can influence it is nuts:
This is a massive potential conflict of interest. She oversees capital raising across LatAm and Canada for one of the largest private equity firms in the world. He runs one of the biggest investment banks. These firms don’t operate in separate universes. They overlap constantly across M&A, cap markets, and fundraising. The idea that there’s no risk of confidential information leaking between the two is ridiculous. Even if they don’t explicitly talk shop, compliance policy cant firewall them if they live together or have kid(s) together.
Many scenarios with UBS is advising a company while KKR is bidding. How are clients supposed to trust the process when the head of the bank reports to someone whose spouse is on the buy side? Same issue if UBS is issuing a fairness opinion on a deal involving KKR. The perception alone is enough to destroy credibility.
Then you also have her raising capital while UBS controls massive private wealth and institutional distribution channels. If UBS ends up pushing KKR funds more than others, how is that not viewed as favoritism? Whether it’s happening or not, the relationship taints the objectivity of any decision.
This also puts both firms’ governance and reputations at risk. LPs, regulators, and clients would be well within reason to ask how this is being managed. And if the answer is just “we have policies in place,” that’s not good enough.
Who gives a rats ass about Latam and Canadian distribution. It’s a backwater
Seriously dude, you’re pathetic
The business relationship between KKR and UBS is longstanding way before Marco Valla was leading the investment bank… it has nothing to do with this “conflict”
Looks like it’s gotten stronger.. 👀
I just looked her up and she does IR/fundraising. She has no legitimate say on deal flow allocation...and probably rarely even CC'ed on the same e-mails as any decision maker...
She’s just a janitor, and only sometimes is in position to have a conflict of interest 🙄
Anyone care to persuade me how Monica Mandelli's decades of career in wealth management can influence KKR's core private equity business? If I was at partner at any of KKR's investing business, whether that be secondaries or real estate, I would not give a single fuck about the global head of wealth solutions.
She’s not structuring deals, or negotiating terms. The real story isn’t her role but actually access. She’s closely linked to the head of UBS IB, the same UBS that’s been begging for sponsor mandates. As UBS continues to gain traction with KKR across sectors, are we seriously supposed to believe it’s just coincidence? We are suppose to really believe tha no information flows, no strategic nudges, no backchannel influence exist?
If this situation happened in government or politics, we’d all be calling it a textbook case of conflicted interests, quietly tolerated because the people involved sit too high to be questioned.
Well if that specific MD is somehow bringing in deals from KKR, makes sense, especially considering it’s UBS.
Yes because the other 200 partners at KKr are just going to allow their carried interest to be affected by poor banking decisions just because some low level partner is married to some guy at UBS. That makes a lot of sense…
Morons
If I was in his shoes, this is how I would use her (according to AI):
1. Warm Pipeline Intel
Have her flag which portfolio companies are nearing exit, refinancing, or recap. UBS positions early with “tailored” ideas and showing up with a pitch before others know a deal’s coming.
2. Cross-Sell to KKR’s Wealth Network
She has relationships with high-net-worth channels from KKR’s Wealth Solutions. Leverage those to distribute UBS’s alternative investment products or private placements.
3. Sponsor Coverage Targeting
She can hint at which KKR MDs or partners are most influential in certain verticals. UBS bankers then build relationships precisely where it counts with no wasted outreach.
4. Influence Mandate Allocations
Without overt involvement, She can “recommend” UBS for co-leads or bookrunner spots in internal KKR discussions. Just enough influence to shift the needle, without violating compliance lines. She can always say it’s the most “strategically aligned.” And if anyone asks, it’s just a great “institutional relationship.”
5. RIA Feedback Loop
Use her access to feedback from KKR’s RIA network to shape UBS’s wealth and asset management offerings by copying what’s working, avoiding what isn’t.
6. Private Credit Intelligence
She has visibility into LP appetite and where KKR’s credit platforms are placing capital. That intel can guide UBS’s leveraged finance desks and help craft pitches that align with where capital is flowing.
7. Joint Thought Leadership
Arrange public panels, white papers, or conferences where UBS and KKR appear as partners. You get credibility by association and it positions UBS as “inside the tent” with tier-1 sponsors.
8. KKR PortCo Relationship Hacking
Her connections to KKR portfolio company CFOs and CEOs can open doors for UBS to pitch capital markets or advisory services especially when PE teams aren’t yet involved.
9. Early LP Signals
As KKR raises new funds, She can quietly signal which LPs are increasing allocation. UBS can approach those same institutions with complementary offerings.
10. Long-Term Retainer Work
Try to plant UBS into KKR’s recurring strategic advisory framework: valuations, fairness opinions, debt monitoring. Even small mandates create stickiness that builds over time.
Why are the top 3 posts about UBS
Because UBS is opening up a new Anchorage branch
You really do go by ur name
I was wondering about the same thing
Why is this even a thread. Just google the two people and you'll see there is an ELLE magazine interviewing their apartment makeover.
There is nothing to hide and it is publicly disclosed.
Sounds like original poster has his or her own agenda to tar two people's names. If I had to guess given the poster saying rival bank... probably a UBS IB MD trying to unseat Marco. Unsurprising given how much turnover UBS has had. L
No way he’s systematically neutered all competition or potential threats at the bank and replaced them with loyalists
who did you vote for btw
I’d imagine they probably just box him out of all deals involving a KKR company and all processes which involve a KKR bid
You "uncovered" a "potentially massive conflict" by finding a magazine article from 15 years ago about them living together?
Dude.....
They discovered King Tut 3000 years after he was buried. What’s your point?
This is a serious issue that needs to be addressed. You cannot just walk away like nothing happened.
You can’t be playing on both sides of the same game
No conflicts for thee, and conflicts for mee
This is normal, like Madison Dearborn always uses William Blair
Yeah god forbid two ambitious people having a relationship!!! This has never happened before in the history of mankind and totally makes zero sense that they would have common interests or an understanding of each other!!!
Even if there could be a conflict of interest, obviously it’s disclosed and appropriate measures have been taken
Grow up and leave them alone
Barclays-UBS drones out in full force.
“obviously it’s disclosed and appropriate measures have been taken”
How do we know? How do we prevent the whole Monica would be happy if we did this or Marco would be happy if we did this, even if they aren’t directly acting upon it and coworkers are fulfilling the vision
Because it’s a major financial institution and this stuff happens all the time? Are you a UBS compliance intern or something trying to be a hero?
This stuff happens all the time. Very commonplace, especially in IBD
Irreconcilable conflict..
If that’s the head of the bank, imagine the rest of the bank
Cumque explicabo nam minus voluptate. Nobis dolor suscipit dicta. Voluptas cupiditate qui placeat accusamus. Et adipisci est eaque perferendis labore eveniet. Incidunt molestiae dolores dolor tempora sit cumque pariatur et. Quia omnis excepturi aperiam ea nihil.
Perspiciatis aut laboriosam ut ut repellendus voluptas odit officia. Ut quam aut laborum sed at dolor est ut. Nihil minus deserunt provident fugit at optio. Quas deserunt corporis qui dicta quia.
Ducimus voluptatum quia vel et cum aut laudantium. Delectus mollitia pariatur consequatur vitae culpa sit vel. Voluptatem dolores magnam aut repudiandae id culpa ratione quam. Incidunt dolor qui quod debitis excepturi non sit.
Quos aut et voluptas ipsam odio est aperiam. Reiciendis repellat suscipit sunt dolores vel et minus. Alias dolorum eum totam dicta.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Placeat repellendus corporis et aperiam molestias mollitia. Enim ipsa modi quia est et. Aut voluptatem debitis tempora autem laboriosam sed doloremque dolor. Qui esse incidunt magni et optio.
Sapiente cumque cupiditate quos beatae. Animi quia atque architecto. Voluptatibus in voluptatem perferendis consequatur expedita. Id et nihil molestias sequi in.
Nostrum nemo consequuntur quia laudantium et expedita dolores quia. Nostrum doloribus omnis corporis exercitationem. Quisquam aut accusamus aliquid est laboriosam in. Cum voluptatem non eum. Nostrum dolore quis cum illo et molestiae.
Qui impedit quia atque. Libero reiciendis quo consequatur quia veritatis vitae eaque maiores. Quis et deleniti perferendis animi harum quasi nam. Nulla alias aut eius aspernatur debitis quo placeat.
Sapiente vel iure minima aliquam voluptatem. Vitae esse est eos earum nam. Velit autem qui placeat saepe quia. Perferendis sed illo necessitatibus quo. Unde aspernatur qui voluptas nobis voluptas excepturi. Perferendis illo quo omnis voluptatem accusamus reprehenderit sed.
Nobis excepturi rem rerum quia vero vero modi. Porro illo neque placeat beatae maiores nobis. Veniam vel asperiores et reiciendis nulla praesentium nisi dolor.
Harum consequatur sit esse natus earum iste. Tempore deserunt rerum incidunt et architecto sit omnis laudantium. Et ut asperiores illo et. Neque earum et at quam mollitia quis aut.
Sunt blanditiis dolor laborum sed. Maiores vel tempora dignissimos aut vitae. Ea qui fugit soluta ut. Et quam consequatur quisquam quaerat et qui impedit. Magni et officia in consequuntur. Aliquam consequuntur fugiat cupiditate et.