I have been reading up on UBS and looking at the recent league table rankings it has grown and is now back in the Top 6/7 for overall M&A dealflow. What are some views on UBS? Are people bullish on UBS growing in the coming years post Covid while other banks struggle with high default rates?
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interested
bump
UBS just released incredible earnings for ECM, DCM, and credit trading. Its S&T revenue in 2020 Q2 has been remarkable, and it ranks best in Europe for Equities and FX trading. True, its Investment Bank is smaller than most, with the focus being on Wealth Management; but it’s faring incredibly well in Europe whereas others (Barclays, Deutsche) are really struggling.
https://www.wsj.com/articles/ubss-viral-immunity-isnt-shared-11595330481
UBS restructured their IB last year and hired over 20 MDs this year alone. They cut down in coverage groups and really focused on industrials, tmt, and fig. Also, because they have a pretty good ECM group, they’ve been working a lot with SPACs.
Is this region specific - is the TMT, FIG, industrials focus US or UK specific?
M&A deal flow is lumpy and a single good year is not really indicative of a wider trend
In revenue terms they are still smaller than DB, WF and even Jefferies
Current SA and can say we have been winning a lot of mandates lately of all varieties. We have consistently been top 10 in global M&A this year. We are working on a ton of SPACs and even have a few high profile RX mandates. Yes, UBS has an RX team within LevFin. Small team of ~7 but one of the few BB who focus in RX. They take 1-2 SA. Coverage groups at the firm get to work on the RX deals as well.
We also have a new CEO coming in later this year. I am not sure on his intentions with IB but Sergio Ermotti (current CEO) wanted to downsize IB and focus on WM. Hopefully the new CEO (Ralph Hamers) will look to grow the investment bank
Friend at the firm is in a coverage group and he's super busy. As mentioned above, they work on w all products (including Rx). UBS decided to focus on Industrials, TMT, FIG, and Consumer so those groups (Industrials is top) are really busy. LevFin, ECM is really strong as well
Would these groups be staying busy when the market gets back to normal?
Yeah I would think so. Their Rx practice isn't nearly big enough yet to influence the coverage groups' dealflow drastically
FYI RX at a BB is not the same as RX at a boutique. Most (all?) BBs have “RX” teams within LevFin that mostly provide transitional financing, i.e. DIPs or ABL, or focus on liability management exercises. Not the same as creditor / debtor advisory.
Yes, my group is getting crushed right now especially the analysts on the RX mandates. It's not only the RX mandates but a combination of M&A, ECM, DCM, LevFin deals.
Not sure exactly senior views on the bank but there's been a lot of MD hires lately. They like that the bank gives you the best of both worlds. The firm is small like a boutique but also provides the products and services like a BB. Senior bankers can provide strategic advice rather than leverage the bank's balance sheet like other BB do
Ok thanks for the insights, intern
Do you still work at UBS? Incoming SA for 2022 and have a couple questions if you don't mind answering
Bump
bump
Let's just hope for everyone's sake they stay out of Fixed Income...
Heard the firm is building out an arena in NYC for the islanders, the name “UBS Arena” has a lot to be desired but it seems to show a strong commitment to their NYC franchise
"UBS Arena is a $1.5 billion multi-purpose arena under construction and development in Elmont, New York, next to the Belmont Park race track. The venue is projected to open for the 2021–22 NHL season."
Curious why a Swiss investment bank with no commercial branch would sponsor an American hockey team, where's the value in that
Asset/Wealth Management, not IB - that's where their money come's from
We all realize that UBS isn't actually building the arena right? They bought the naming rights for publicity/advertising
I thought that’s what UBS industrials is all about
UBS has the best ROE return among all investment banks! Thought UBS is ranked outside of top 20 in "completed" M&A deals now.
FYI interns..."Credit loss expenses rose to $268 million from $20 million for the same period last year" all because of the shitty levfin deals UBS underwrote
Not even at UBS but every fucking bank’s credit loss provisions increased a shitton
I work at UBS in London. M&A league table driven by some jumbo deals ($10bn+) we were lucky to do this year. Also last year there was a massive cut in September, lots of deadweight loss combined with fresh blood. But let’s see H2...
how's the tmt and consumer team in uk? just curious
TMT is probably the best team here. They keep on landing big mandates, quality client relationships and recurring fees (tech and mostly telco, not media). Juniors there get a proper beating in terms of hours and intensity but they get solid experience. Consumer not great. Weird culture, you know those teams who pull consistently 100+ hours per week and yet don’t bring any fees? Consumer is one of them.
UBS took Bill Ackman public, largest SPAC IPO in Wall Street history. Definitely have landed some major deals this year
UBS was also an advisor to Hellman & Freemans' Multiplan sale to SPAC for $11bil
Since UBS has started to do well, how would exit look like again from the firm? Is there a possibility for a mega fund exit from a top group or usually UMM?
You should know that the only banks where exits are "usually UMM" are GS / MS / Evercore type places
What do UBS exits look like? Corp Dev? LMM? VC?
Bump
Am I late to the UBS circle jerk?
I’m here
I have heard that Industrials/TMT/Levfin are some of the top groups at UBS, but does anyone have any insight on the Healthcare or M&A groups and how they compare in terms of dealflow, exits, etc?
interested
2 of the weaker groups in the bank. The coverage groups run a lot of the M&A processes themselves so M&A is not a great place to be (the hours are good though, I've seen those analysts leaving when I go down to get my Seamless many times). Healthcare is also not great, lost some important MDs and have struggled since.
Best groups are industrials, TMT, consumer, and levfin/sponsors.
Consumer is not strong in the US, their London consumer is solid though from what I hear. UBS has three primary coverage groups: TMT, Industrials, and FIG that are standalone and does their own modeling internally, each group has also been expanding with many MDs being poached. Every other coverage sector is put into one group and their modeling is handled by the product teams. UBS strategy is essentially to focus their resources into a few groups that has historically driven their IB revenue, and consumer isn’t one of them.
Pretty sure if the analyst is leaving when you are grabbing your pathetic seamless meal it would be a pretty GREAT place to be (probably gets the same pay as you anyways). Sign me up for that group!
Do you still work at UBS and would you say the same is still true? Incoming 2022 SA and have a few questions about group placement and which ones to target. Is M&A really working less hours than the rest of the groups? Usually M&A is supposed to be the sweatiest I thought. How is culture?
Is UBS on the come up? Strong PWM business will bring stability during down turns (so they should in theory be getting wrecked less than places like Barclays/Deutsche rn), and they have been doing solid in the league tables. Kind of joking but do think they are in an interesting spot as a firm, and probably shouldn't get as much shit as they do from college kids.
Bump
Which Indian ib are you working at buddy
Levfin/Sponsors and FIG are probably the crown jewel groups. FIG is crazy on SPACs and was on the 4 billion Pershing IPO, friend there is getting wrecked with the amout of work and deal flow he's on. Levfin has good historical relationships and the sponsors team is strong and has done well given covid situation.
If interested in LevFin, where can I go learn more (incoming UBS SA)
Network with people at the firm
anyone hear back from ubs SF?
Same. Gunning for fig or tmt.
I would just be cautious about cheering about the new CEO coming in. He comes from ING where risk appetite is non-existent. It is like if GS hired their new CEO from US Bancorp
can someone explain what UBS GIG is?
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