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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; brett.philbin@dowjones.com

Stocks mentioned in the article : Bank of America Corp
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Financials ($)
Sales 2016 85 050 M
EBIT 2016 27 070 M
Net income 2016 15 718 M
Debt 2016 -
Yield 2016 1,17%
P/E ratio 2016 14,82
P/E ratio 2017 13,28
Capi. / Sales 2016 2,52x
Capi. / Sales 2017 2,46x
Capitalization 214 530 M
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Number of Analysts 32
Average target price 20,1 $
Spread / Average Target -5,4%
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NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Eugene M. McQuade President & Director
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
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