A man walks in front of the office of Swiss bank UBS in the Bahnhofstrasse in Zurich on Aug. 10, 2012.ARND WIEGMANN/Reuters
The investment banking division of Royal Bank of Canada hired a senior banker who recently left rival UBS to run stock underwriting in Europe.
The firm said Darrell Uden will be managing director and head of European equity capital markets and corporate broking. Corporate broking is a key business in Britain, where publicly traded companies have formal (and well known) relationships with investment banks that act as their advisers. The corporate broking game in London is increasingly open to competition from outside firms, as this piece from Dow Jones points out.
Mr. Uden left UBS earlier this year, Bloomberg had reported.
At UBS, he was co-head of equity capital markets for Europe, Middle East and Africa. In his 25-year career, he has also worked at the investment banking divisions of Citigroup and JPMorgan Chase & Co.
Equity capital markets is the department that is responsible for handling initial public offerings and other sales of new stock to investors.
(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)
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