UBS head of research quits

UBS head of research Simon Mitchell will leave the firm this year to be replaced by Marcus Curley, who has run the firm's New Zealand research team for the last eight years.

According to the asset manager,  Mitchell has not decided where he is going next but had flagged his interest in exploring other options some time ago.

"Having done an excellent job in stabilising and rebuilding our Australian Research team, Simon is now keen to begin this new adventure, outside sell-side research. As a result, he will be leaving UBS at the end of the year," UBS said in an internal memo.

In the note, UBS thanked Mitchell for 16 years with UBS research in Australia.

"Firstly, as an excellent, number one rated analyst in transport and Infrastructure, then for the last seven years as ANZ country head of research."

Before joining UBS, Mitchell worked as a transport analyst at JP Morgan. Earlier he worked at KPMG as a senior accountant, corporate recovery and consulting.

UBS noted that Mitchell's tenure coincided with an "excellent" performance by the ANZ business, with research integral to that success.

"More recently, Simon has played a critical role in the rebuild of our team. Simon leaves the business in great shape, with a strong team in place and great forward momentum," UBS added.

As for Curley, UBS said his market experience and strong people development and leadership skills reinforce that he is the natural leader for the ANZ team.

The new head of research will spend considerable time in Sydney and Melbourne whilst staying in Auckland.

He will be supported in his new role by the leadership group of George Tharenou, Shaun Cousins and Ieuan Albury.

"Mitchell will transition his management responsibilities over the next few months to Marcus and the other members of the team."

Curley has worked at UBS' Kiwi business for seven years, joining from Goldman Sachs, where he served as head of research for 12 years.

Earlier, he spent nine years at Merrill Lynch.