After more than five years of helping to rebuild its public finance department, public finance head Peter Hill has decided to leave UBS Securities, effective Thursday.
“After leading the evolution of the business, including the bottom-up establishment of a strong and highly talented team and its integration into the firm’s Unified Capital Markets unit, Peter has informed us of his decision to pursue opportunities outside of UBS,” according to a memo sent to UBS employees from Mark Sanborn, head of Capital Markets Americas and Brendan Connolly, global head of Public Capital Markets. “Peter is a highly respected industry leader and a champion for building diverse teams, and we are grateful for his many contributions to UBS.”
Steve Genyk, head of middle markets, will assume leadership of the public finance team on an interim basis, in addition to his current responsibilities, the firm said.
The changes were effective immediately, and additional information “will be shared in due course,” the memo said.
UBS, which exited municipal underwriting after the financial crisis, in 2017 brought on Hill from Wells Fargo to help lead its work with public markets issuers on the origination and underwriting of muni deals.
Genyk was also brought on that year from Janney Montgomery Scott as head of the municipal trading team. Genyk has “been a key part of the effort to enhance our capital markets capabilities for public issuers,” the memo said.
Genyk led the fixed income capital markets group at Janney Montgomery Scott and also held senior positions in public finance at Legg Mason, Bear Stearns and the Philadelphia Industrial Development Corporation.
Hill has four decades of industry experience and has spent the bulk of his career helping a number of firms build out their public finance businesses, including Smith Barney, J.P. Morgan, ACA Capital and BofA Securities.
Hill is a past chair of the Municipal Executive Committee at the Securities Industry and Financial Markets Association and was a past vice chair and board member of the Municipal Securities Rulemaking Board.
UBS ranks 16th in underwriting through Sept. 30 of this year with a 1.8% market share in 56 deals valued at $5.329 billion, according to Refinitiv. UBS was 14th in the same timeframe of 2021.