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Friday, January 10, 2014

x-UBS names new head of Utilities for EMEA, (NYSE: MS)

Swiss bank UBS has appointed former Nomura banker Jean-Philippe Favre as head of utilities for Europe, the Middle East and Africa (EMEA), the bank said in a memo sent to staff on Friday and seen by Reuters. Favre, who was previously head of natural resources and power for EMEA at Nomura, where he spent the last four years, will begin his new role at UBS on January 13th.UBS said in the memo that the appointment reflects the bank's desire to grow market share in the region. The bank later confirmed the contents of the memo to Reuters.Favre, who has more than 13 years experience in the industry, previously worked at Lehman Brothers and Morgan Stanley. He will report to Hartop and Stephen Paine, global head of power, utilities and infrastructure.At Nomura, he worked on transactions including French utility GDF Suez's acquisition of Britain's International Power.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.7% or $-0.22/share to $31.33. In the past year, the shares have traded as low as $19.75 and as high as $31.93. On average, 11392700 shares of MS exchange hands on a given day and today's volume is recorded at 5713685.