RBS Taps UBS Vet To Head U.S. Leveraged Loan Push
David Petrucco has joined The Royal Bank of Scotland to head up its new U.S. leveraged loan syndication effort, a joint venture between the bank's leveraged finance and loan syndication groups. The effort being developed in the U.S. leverages off the success of RBS' European operations, which Petrucco said currently tops the leveraged lending league tables. "I am very excited about the opportunities that the future holds for RBS, particularly at a time in the U.S. markets when bank capital has become a rare commodity, especially for middle market companies," he added.
Petrucco joins RBS from UBS Warburg, where he focused on leveraged loan syndication as a director in the global syndicated finance group. "Clearly, leaving the team that Chris Ryan has built over the past three years was not an easy decision," Petrucco said. "The decision was really driven by the unique opportunity that the markets are affording the business model that RBS employs, and the limited number of players that are able to run this model. In addition, I have the opportunity to be a part of a team that is in the early stages of developing its leveraged lending, distribution, sales and trading, and I am excited to be a part of the future development of that effort." Calls to UBS were not returned by press time.
RBS has been building up its overall leveraged finance effort in the U.S. over the past 18 months under Ron Kantowitz, managing director. "The addition of Dave to assist in the development of our distribution platform represents a natural evolution of our business," Kantowitz said. "Having the right mix of origination and distribution creates a platform to support future growth." Petrucco added that he initially plans to hire two or three additional bankers to round out the new group and expects to further build up the team as it makes money.