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UBS Group AG (NYSE:UBS) reportedly aims to establish an office in Menlo Park, California and has recruited Sean Lynch from Barclays Plc (NYSE:BCS) to enhance its services in advising technology firms.
The timing coincides with expectations of a resurgence in dealmaking and initial public offerings, Bloomberg reported.
The Swiss bank is set to open its premises on Sand Hill Road, a renowned hub for venture capital firms, in the upcoming months, the report read, citing people familiar with the matter. Certain staff members currently based in UBS’s San Francisco offices will be relocated to the new location.
Amid its expansion efforts, UBS has brought Barclays’ Lynch on board, specializing in companies such as Uber Technologies, Inc (NYSE:UBER) and Tesla, Inc. (NASDAQ:TSLA).
Lynch, based in Menlo Park, has been with Barclays since 2013, according to Finra records, Bloomberg added.
Previously, he focused on leveraged finance and played a role in advising on the issuance of approximately $1.7 billion in convertible notes for Uber last year.
As the industry anticipates a rebound in deals after a prolonged slump, banks are gearing up, with many having trimmed thousands of jobs during the downturn.
Competitors like Morgan Stanley (NYSE:MS) have leveraged a presence in Silicon Valley to attract tech companies, while JP Morgan Chase & Co (NYSE:JPM) has established a campus in Palo Alto, Bloomberg added.
According to Benzinga Pro, UBSstock has gained over 36% in the past year. Investors can gain exposure to the stock via Avantis International Equity ETF (NYSE:AVDE) and American Century ETF Trust Avantis Responsible International Equity ETF (NYSE:AVSD).
Price Action: UBS shares closed lower by 0.32% to $27.97 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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