UBS has hired two senior ex-Morgan Stanley bankers, Elena Titova and Rair Simonyan to lead its Russian business.
The Swiss bank said Simonyan will join as chairman of the board of directors of UBS Bank, Russia, while Titova will join as group country chief executive, Russia.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The former head of UBS’s Russian operations was Nick Jordan, who has left the firm to join Goldman Sachs in March last year.
Simonyan, most recently served as an advisor on financial assets to the president of Rosneft and a member of the supervisory board of the Russian Regional Development Bank, while Titova served as president and a member of the supervisory board of the Russian Regional Development Bank.
Prior to this, Simonyan has spent 14 years at Morgan Stanley, where he initially joined as managing director and president of the firm’s operations in Russia.
Previously, Titova has worked for 11 years at Goldman Sachs as president for Russia and CIS and six years at Morgan Stanley including three years as president and chair of the executive board.
The moves in Russia follow the recent appointment of a new head of utilities for Europe, Middle East and Africa.
Andrea Orcel, CEO of the investment bank and Juerg Zeltner, CEO of wealth management, and Ulrich Koerner, CEO of global asset management said: "Russia is a key market for our investment bank and wealth management business. We have a strong and successful core franchise and are committed to further strengthening it."
