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UBS Taps Jefferies for Key Secondaries Hire

LONDON - UBS has appointed a senior dealmaker from Jefferies to bolster its growing secondaries business, as the investment bank looks to capitalize on surging demand for private equity fund stakes.

The hire comes after UBS appointed a new Europe-based professional to lead its EMEA secondaries practice earlier this year, underscoring the Swiss lender's ambitions in the rapidly evolving $130 billion secondaries market.

According to sources familiar with the matter, UBS has brought on board Silas Sloan, a managing director in Jefferies' secondaries advisory team. Sloan, who previously worked at Evercore Partners, will focus on sourcing and executing complex GP-led secondary transactions out of UBS's London office.

"UBS is clearly making a concerted push to build out its secondaries capabilities globally," said one industry insider. "The hire of an experienced professional like Sloan signals their intent to be a major player in this fast-growing segment of private markets."

The move comes as secondaries deal volume hit a record $58 billion in the first half of 2022, driven by a surge in so-called 'GP-led' transactions where fund managers seek liquidity or portfolio restructurings. Industry estimates suggest the secondaries market could reach $150 billion in annual volume within the next three years.

Bankers say UBS is aiming to capitalize on this trend and gain market share from rivals like Lazard, Evercore and Goldman Sachs, which have all bolstered their own secondaries advisory benches in recent years.

"The competition for top secondaries talent is fierce, as firms recognize the importance of this business to their overall alternatives strategy," noted a senior private equity executive. "UBS is clearly willing to pay up to bring in proven dealmakers like Sloan."

Prior to joining Jefferies in 2019, Sloan spent over a decade at Evercore, where he advised on a number of high-profile GP-led transactions. His expertise in navigating the complexities of secondaries restructurings is expected to be a valuable asset for UBS as it seeks to grow its market share.

Financial terms of Sloan's move were not disclosed, but industry sources suggest top secondaries professionals can command multimillion-dollar compensation packages in the current market.