UBS AG's Canadian securities business has new co-heads on its trading desk, naming a cross-border duo that emphasizes the bank's pitch that it's a top trader of Canadian stocks both in Toronto and New York.
UBS promoted Matt Michalski and Lisa Petrelli to be co-heads of Canadian cash equity trading. Both are long-time UBS employees. They replace Larry Acton, who departed UBS last year after a two-year stint at the firm.
UBS has long been one of the biggest foreign banks in Canada when it comes to equity trading.
According to Brendan Woods International, the UBS desk garnered about 3.6 per cent of the trading commissions in the country last year, putting it No. 12 in Canada. It ranked behind only Bank of America Merrill Lynch, Raymond James and Macquarie Securities among foreign-owned dealer market share.
UBS has always emphasized its ability to trade interlisted Canadian stocks on both sides of the border. The firm has tended to promote from within on its equity desk, believing that the firm's cross-border dealings require a unique skill set. For example, Mr. Acton was a veteran of UBS who had returned to take the top trading role on the desk.
