By Andrei Skvarsky.
UBS has hired two senior former Morgan Stanley bankers to run its Russian operation.
Rair Simonyan is joining the Swiss bank as chairman and Elena Titova as chief executive of its Russian subsidiary, UBS said in a statement.
Both are coming over from Russian Regional Development Bank, which is owned by state-controlled oil major Rosneft. They were members of the bank’s supervisory board, and Simonyan was also a financial adviser to the Rosneft president.
Before joining the Rosneft-owned lender more than a year ago, Simonyan and Titova co-headed Morgan Stanley’s arm for Russia and the CIS. Simonyan joined the Wall Street bank in 1998. Titova did in 2009 after 11 years at Goldman Sachs, where she was president for Russia and the CIS.