UBS has bolstered its London-based distressed debt desk with the appointment of Dennis Buckley, formely at Banca Antoniana Popolare Veneta in London, as a director focusing on sourcing underperforming bank paper in the secondary loan market. He joined June 4 and reports to Martin Teevan, head of UBS' European distressed debt and special situations group. Buckley declined to comment.
Market watchers said the appointment reflects UBS' desire to join the leading U.S. investment banks, such as Goldman Sachs, Morgan Stanley and Bank of America, in taking proprietary positions in and trading around distressed companies. "A lot of money has been made in the U.K. power generation sector, and UBS is looking to join the party," said one project financier.
Buckley was formerly a credit manager at Banca Antoniana where he was responsible for resolving problem loans and trade finance situations. He has most recently acted as an independent distressed debt trader, said a UBS spokeswoman in London.