UBS has hired a trio of fixed-income sales professionals from Deutsche Bank to staff up a new push into southern European fixed-income sales. Giuseppe Galimberti, head of Italian fixed-income sales at Deutsche Bank in London, is set to join in a new position as head of southern European fixed-income sales in August. Galimberti could not be reached for comment.
The Swiss firm has hired Antonio Rivela, a Deutsche Bank director in the relative value group with responsibility for fixed-income sales to Spain, as managing director and head of fixed-income sales for the Iberian region. In addition, Daniel Vazquez, on the Spanish sales team at Deutsche Bank in Madrid, joins as director-fixed-income sales, and Alfonso de Miguel joins UBS as a director in Spanish fixed-income sales from BBVA in Madrid. Rivela replaces Giovanni Scolamiero, who has joined the Italian sales team within UBS. It could not be determined whether Vazquez and de Miguel take new positions or are replacements. The three declined comment or did not return calls.
The defections would appear to strike a blow to Deutsche Bank as the firm's fixed-income sales team covering the Iberian region is believed to have numbered only five or six, according to an analyst. The moves also reflect the growing importance of the Iberian fixed-income market, a market professional noted.
Stephanie Smart, spokeswoman for Deutsche Bank, downplayed the impact of the departures. "Southern Europe is a key region for us, and we have a very strong team in place," she said, declining further comment.
Peter Ghavami, UBS's recently appointed co-head of European fixed-income sales, said: "[Rivela's hire], coupled with that of Daniel Vazquez and Alfonso de Miguel...reinforces UBS Investment Bank's commitment to becoming the partner of choice for fixed income...and the leading player in the region."
At Deutsche Bank, Dario Schiraldi, co-head of European sales, is heading up Italian sales now that Galimberti has left the firm. Schiraldi and Eva Rodriguez, co-head of fixed income sales in Madrid, did not respond to calls or e-mails.
