Buyer Community> Trade Intelligence> Financial Markets> UPDATE 1-Moelis poaches UBS's Loftus-Hills
Source: Reuters

UPDATE 1-Moelis poaches UBS's Loftus-Hills

Published: 18 Apr 2011 20:51:39 PST

* Loftus-Hills previous worked with miner BHP Billtion

* Moelis plans to triple Asia ex-Australia staff over 18 months (Adds details, background)

HONG KONG, April 19 - Moelis & Co has hired Patrick Loftus-Hills, UBS AG's head mining banker as the boutique advisory firm steps up its Asian expansion.

The departure of Loftus-Hills is a blow to UBS, which has experienced a few high-profile exits over the past year from its investment banking department, including Matthew Koder who recently joined Bank of America-Merrill Lynch .

A UBS spokesman said Loftus-Hills's replacement will be announced in due course.

Loftus-Hills will join Moelis & Co as a managing director in metals and mining, working alongside metals and mining sector bankers Mark Henkels, managing director, and Mark Aedy, Head of Europe, Middle East and Africa Investment Banking.

Last week Moelis & Co completed the purchase of an another independent advisory firm, Asia Pacific Advisers Ltd, and the company plans to triple its staff in Asia ex-Australia to 30 in the next 18 months, adding more bankers in China and Southeast Asia, CEO Ken Moelis said.

"Patrick's appointment will significantly enhance Moelis & Company's global competitiveness as a key strategic adviser in an area that is important to our key clients," Moelis said in the statement.

Loftus-Hills worked with UBS for 11 years and most recently was the joint head of Asian industrials group i

n Asia for the Swiss bank, Moelis & Co said in a statement. Prior to joining UBS, Loftus-Hills worked with Macquarie Bank and BHP Billiton Ltd .

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