Jittery markets haven’t stopped UBS from continuing its hiring spree. The Swiss bank has just nabbed yet another banker from the old Donaldson, Lufkin & Jenrette team as it looks to become a major force in U.S. investment banking.
Stephen Ketchum, formerly a managing director in DLJ’s media and telecom practice, has agreed to join UBS’ technology, media and telecom group after a stint in private equity. The banker specializes in raising equity and high-yield capital for satellite and wireless companies including EchoStar Communications Corp., Pegasus Communications Corp., PanAmStat and Loral Space & Communications Ltd.
Ketchum was unavailable for comment. A UBS spokeswoman confirmed his hiring.
Ketchum will enjoy a reunion of sorts of DLJ alumni at Marcel Ospel’s UBS. He’ll join a string of colleagues who have already signed on to UBS since their former employer was acquired by CSFB five months ago. Among them are Managing Directors James Neissa, Stanley Holtz, Richard Ng-Yow, Warren Woo, Jeffrey Raich and at least two dozen employees from DLJ’s vaunted West Coast operation who followed the footsteps of banking heavyweight Ken Moelis.
Moelis, the former DLJ corporate finance chief, was hired from CSFB in November as co-head of U.S. investment banking with a mandate to reorganize the troops and lure new talent to the firm. As part of the reorganization, UBS axed about 60 bankers a few weeks ago to make room for new hires such as Ketchum.
UBS said it wants to bring in 150 investment bankers in the U.S. this year to bring its headcount to 800.
Despite appearances, UBS is not solely hiring ex-DLJ bankers. The firm has recruited big names from other firms, including Jeffrey Sine from Morgan Stanley and Jeff McDermott from Salomon Smith Barney.