⁍ UBS has elevated the head of its special purpose acquisition company (SPAC) practice, Jeff Mortara, to co-lead its equity capital markets (ECM) business for the Americas.
⁍ Mortara’s promotion underscores the growing popularity of SPACs, as well as their importance to UBS’s ECM franchise.
⁍ SPACs have raised a record $59.2 billion through IPOs in 2020, up from $13.6 billion in 2019 which had been the previous record year.
– UBS has promoted the head of its special purpose acquisition company (SPAC) practice to co-lead its equity capital markets (ECM) business for the Americas, the investment bank said in an internal memo seen by Reuters. In the new role, Jeff Mortara will work with Brad Miller, UBS Co-Head of global banking Ros L’Esperance said in the memo, which was sent to staff on Monday. Mortara’s promotion underscores the growing popularity of SPACs, as well as their importance to UBS’ ECM franchise. So far this year, UBS has worked on 18 SPAC IPOs with a market share of 7.65%, ranking it fifth across Wall Street, up from 4.48% and eight place in 2019, according to SPAC Research. SPACs have raised a record $59.2 billion through IPOs in 2020, up from $13.6 billion in 2019.
Source: https://www.reuters.com/article/us-ubs-group-moves/ubs-promotes-spac-head-to-co-lead-us-equity-capital-markets-business-memo-idUSKBN27B244