UBS to bulk up secondaries advisory business

The investment bank is seeking a director and associate director to join its New York-based private funds group, which has made hires from Credit Suisse and Goldman Sachs in recent months.

UBS is gearing up to expand its secondaries advisory business with two experienced hires, according to job postings on the investment bank’s website.

The New York-based team, which sits within the private funds group, is seeking a director who can network effectively in the secondaries market, generate new ideas and manage a team, among other attributes, according to one posting.

The successful candidate must have several years’ experience in a similar position or related role within investment management and be able to demonstrate a solid understanding of the private equity market, the advert reads.

The secondaries advisory team is also seeking an associate director. Among the attributes required is the ability to build advanced financial models, collaborate with other investment banking functions and regional offices and prepare client presentations, according to a separate job advert.

In January UBS’s private funds group appointed its first head of EMEA, Marc Wursdorfer, who joined after 15 years with Credit Suisse. He replaced James Moore, who announced his retirement as co-head of the group last May, having co-founded the team in 1998.

In November UBS strengthened its secondaries advisory team with the appointment of Jarid Colucci, who had spent four years as a vice-president focusing on real estate and private equity secondaries at Goldman Sachs Asset Management.

The unit has worked on deals including a stapled tender offer last year in which Coller Capital acquired stakes in Avista Capital Partners’ first three funds to help speed up fundraising for its fourth flagship fund, as Secondaries Investor reported.

Global secondaries deal volume for private equity hit at least $46 billion last year, according to UBS’s 2018 Secondary Market Survey and Outlook. There is $70 billion in dry powder earmarked for the strategy.

The private funds group is led by global head Kevin Kuryla and its secondaries team is led by Phil Tsai.