UBS: How to succeed at succession
UBS has dispelled the notion that investment bank CEO successions must be messy, vindictive battles. When John Costas handed over in June to Huw Jenkins, his global head of equities, it was the culmination of almost a year of planning. It was a fitting end to a successful term for Costas, and Jenkins's appointment recognized UBS's success in equities. Euromoney speaks to both men about Costas's legacy and what Jenkins plans to do next.
UBS'S NEW INVESTMENT bank CEO's first speech to his managing directors went down rather well. It had a lot to do with the light-hearted way he started it. "Hi, my name's Huw Jenkins. And I'm off to start a hedge fund."
The joke was a reference to his predecessor, John Costas, who has stepped down to set up an in-house alternative investment fund in UBS's wealth management division to be called Dillon Read Capital Management, a reference to the US boutique the firm bought in the 1990s. Even better, though, was an ad lib later on in Jenkins's speech. As he was speaking, someone in the audience got up, mobile phone pressed to the ear, and left. "That must be John Mack calling him," Jenkins quipped. "He must be getting a better offer."
Mack's appointment as CEO of Morgan Stanley was announced the same day in June as Jenkins's at UBS but that's where the similarities end.