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UBS Hires Former BofA Analyst Milunovich To Cover IT Hardware

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05/03/2012 | 09:25pm CET
   By Brett Philbin 
   Of  
 

UBS AG (UBS, UBSN.VX) has hired Steven Milunovich, a former Bank of America Corp. (>> Bank of America Corp) analyst, as a managing director and analyst covering information technology hardware in its U.S. research group.

Milunovich, with a 25-year career as an analyst, will report to David Bleustein, head of U.S. equities research. Previously, Milunovich worked at Bank of America Merrill Lynch as an analyst covering alternative energy from 2008 to 2012. Prior to that position, he held titles including technology strategist at Merrill Lynch, which was acquired by Bank of America in 2009. He previously covered International Business Machines Corp. (IBM) and other leading technology companies.

He also worked at firms including Morgan Stanley (MS) and Salomon Brothers, according to Financial Industry Regulatory Authority records.

Milunovich's addition to UBS marks the second recent analyst hire for the firm, which recruited A.J. Rice, a managing director who previously worked at Susquehanna Financial Group, to cover U.S. health-care facilities.

The new hires come as UBS focuses on revamping the investment bank in the region under Chief Executive Robert McCann. Last fall, UBS said it would pare down the unit in the wake of an embarrassing trading scandal, but executives have reaffirmed their commitment to the investment bank, with a primary focus on client and advisory businesses.

News of Milunovich's hire was reported earlier Thursday by Bloomberg News.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173; [email protected]

Stocks mentioned in the article : Bank of America Corp
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Financials ($)
Sales 2017 89 174 M
EBIT 2017 33 321 M
Net income 2017 19 410 M
Debt 2017 -
Yield 2017 1,36%
P/E ratio 2017 15,81
P/E ratio 2018 13,18
Capi. / Sales 2017 3,36x
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Capitalization 300 B
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 29,0 $
Spread / Average Target 0,83%
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NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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