UBS Equity Banker Splits

In the midst of selling its Brazilian Pactual unit to BTG, UBS has lost a key New York-based ECM banker. Enrique Corredor, an executive director in the LatAm ECM group, has left the firm, according to people familiar with the move. It was not immediately clear where he is headed, though according to one market rumor, he may be joining BTG, the Brazilian startup investment bank led by former UBS FICC chief Andre Esteves. If that were the case, it would reveal something about BTG’s ambitions in LatAm investment banking. Corredor, a specialist in LatAm ECM, has worked on a number of deals from issuers based in the region, including Brazil. His joining BTG as a New York-based banker would mean the shop is looking distribute deals originated in Brazil and elsewhere in the region to US-based equities investors, putting it in direct competition with the likes of Itau BBA, Bradesco BBI as well as all other shops focusing on Brazil ECM. Corredor’s departure is a negative for the Swiss bank since he played an important role in its successful ECM franchise, say to people close to the executive. UBS’s LatAm ECM platform continues to be co-led by Evandro Pereira, MD, who is understood to still be at the firm, says a New York-based executive. This year, UBS Pactual was sole lead bookrunner on BR Malls’ follow-on, and joint-led VisaNet’s IPO, as well as follow-ons for MRV, Brasil Foods and Natura. A UBS spokesman declines to comment.