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The safer option.

UBS finds an alternative to the MD who pulled out of its job

It's not long ago that UBS was going to hire Ashley Wilson as its head of financing.  In late July, Wilson was ready to jettison BNP Paribas, where he was running prime broking, and join UBS. By early September he'd had a change of heart and decided to stay at BNP Paribas after all. 

The unconfirmed suspicion was that Wilson was turned by a special inducement to stay.

Having been burned once, UBS seems to have gone for a safer option instead. Its new head of financing is an existing employee. 

UBS didn't respond to a request to comment, but Natalie Horton, its former global head of capital markets financing appears to have been quietly shunted into a larger role as head of financing: the precise job Wilson was going to do.

Horton's ascension reflects the fact that internal moves can be a better bet than splashy and unreliable external hires. Sources claim Horton was initially promoted on a temporary basis, suggesting UBS also got to give her a trial run.

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AUTHORSarah Butcher Global Editor
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