UBS is making a substantial effort to expand its asset-backed business in the U.S., Europe and Asia. "We are expecting to grow our team up to 90 to 100 globally in asset-backed's," said Shahid Quraishi, managing director and global head. "This is a very big initiative in securitization globally as we see a tremendous opportunity in that space." UBS is initiating the effort by expanding its subprime ABS banking business to be headed by Paul Scialabba. The firm is also planning to make further inroads into the esoteric market, specifically media, insurance and telecom, which will be led by Karsten Berlage. However, Mostafiz Shahmohammed, UBS executive director, will continue to run the expansion of the firm's aircraft ABS business which has successfully just completed the largest aircraft securitization for ACG since 9/11. On the secondary front, Richard Onkey, formerly of Morgan Stanley, has been hired as executive director to run the syndicate effort and will report to Jack McCleary.
Meanwhile, on the European front, Peter Shorthouse has been appointed head of European ABS securitization. UBS has also hired Steve Cook, formerly of Morgan Stanley, as executive director to head the firm's European whole business and infrastructure securitization business. "We are building out our European securitization effort, including RMBS, CMBS, Whole Business and Infrastructure as well as our Whole Loan and Non-Performing Loan Capabilities," Quraishi said