By Brett Philbin
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; firstname.lastname@example.org