Friday, 17 August 2007

UBS replaces Moscow-based research star

Financial News

Jason Corcoran in Moscow

15 August 2007

Swiss bank UBS has promoted one of its commodities analysts to replace star strategist Al Breach as head of research for Russia and CIS equities.

Alexei Morozov, previously a metal and mining analyst, takes over from Breach, a managing director in UBS's equity research division and one of the most highly rated analysts and strategists in Russia.

A UBS spokesman said: "Al Breach is staying on as head of strategy and economics until at least the end of 2007, which will enable the smooth transition of management responsibilities to Alexei."

Apart from an eight-month stint in Japan , Breach has been in Moscow since 1996. He was previously Goldman Sachs' economist for Russia and the former Soviet Union.

His claim to fame was to persuade Goldman Sachs to mark every stock in Russia a buy in 2000 while most investors were reeling from the fallout of the 1998 financial crisis.

Breach has recently become a director of Swedish investment company Vostok Nafta and is believed to be considering an offer to work in Asia.

Vladimir Postolovsky, co-head of UBS’s Russian equity research, also left in April to work at a hedge fund, two months after Ed Kaufman resigned as head of Russia to take up a post as chief executive of Alfa Bank's investment banking business.

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