BofA Taps UBS' Niemczyk For Asset Management IB Business
The addition is a coup for BofA because the firm has steadily been losing talent to rival firms since its recent acquisition of Merrill Lynch.
April 7, 2009
Bank of America poached Steven Niemczyk from UBS to run its global asset management investment banking unit. Niemczyk, who formally begins with BofA in June, joins as a senior member of the financial institutions corporate and investment banking group.
Niemczyk will report to Michael Rubinoff, who runs BofA's global financial institutions corporate and investment banking business.
Niemczyk joined UBS from Morgan Stanley in 2006 as the Swiss firm’s head of asset management investment banking in London. He will relocate to New York for his new role at BofA. Prior to UBS, Niemczyk spent five years at Morgan Stanley as managing director in the firm's financial institutions group in London and New York.
"Steve has over 20 years of experience in financial services investment banking. His hire underscores the combined firm's continued commitment to this important client sector,” Brian Moynihan, president of BofA’s global banking and wealth management, said in a statement.
Rubinoff added: "We expect to see more consolidation and increased capital needs among financial institutions, including asset managers. Steve's expertise in advising asset management companies is a vital addition to our team.”
The addition is a coup for BofA because the firm has steadily been losing talent to rival firms since its recent acquisition of Merrill Lynch.
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