UBS has made a marquee hire in New York

Andrea Orcel UBS
Andrea Orcel, president of UBS’ investment bank UBS

UBS has made a big hire in the US.

Bob Foresman will join the company as vice chairman of UBS Investment Bank on October 3, according to a memo seen by Business Insider. A spokeswoman confirmed the contents of the memo.

He will report directly to Andrea Orcel, president of the investment bank, and will be based in New York.

“He will bring his extensive relationships, political and geopolitical understanding and strategic experience, to add additional weight to, and strengthen, our client offering,” Orcel wrote in the memo.

Foresman has spent much of his career in Russia, writing his Harvard thesis on voucher privatization in the country. He was most recently country head for Russia at Barclays, and before that was deputy chairman at Russian investment bank Renaissance Capital, which is now owned by billionaire Mikhail Prokhorov.

His appointment follows a shake-up in UBS’s senior ranks back in June. As part of those changes, London-based William Vereker and New York-based Ros Stephenson were named global co-heads of corporate client solutions. Sam Kendall was named head of CCS in Asia Pacific.

“This appointment comes at an important time of our business, with the recent changes to the IBEC [Investment Bank Executive Committee] driven in part by the desire for us as a business to see greater convergence amongst our divisions,” Orcel said in the memo.

His hire also follows on from earlier, senior hires. In New York, the bank hired Joseph Hershberger as vice chairman of the financial institutions group, while in London it hired Chris Gibson-Smith as vice chairman of corporate client solutions in Europe, the Middle East and Africa.

UBS’s investment bank generated 3.9 billion Swiss francs in revenue in the first six months of the year, down from 5 billion in the same period a year earlier. The unit delivered an adjusted profit before tax of 817 million Swiss francs, good for an adjusted return on equity of 21.2%.

NOW WATCH: London is building Europe’s tallest residential skyscraper