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UBS banker joins exodus

Richard Allsopp, head of UBS’ placement business, which he helped establish, is the latest to leave banking. He is joining Babcock and Brown, one of his clients.

Richard Allsopp, has left UBS, the global bank, where he worked in the company’s placement business, according to the Swiss bank, confirming a report in FinanceWeek. He is joining Babcock and Brown, the Australian investment firm, according to a source close to UBS.

Babcock was a client of Allsopp, the source said. “It’s good that he’s leaving to a client as it strengthens the relationship, even though it’s sad to see people go.”

Numerous other bankers have left private equity-related roles to join investment firms and buyout houses. Last week John Sinik left his position as head of leveraged finance at UBS to join Towerbrook.

Other moves include John Coyle, former head of financial sponsor coverage at JPMorgan, joining Permira, and Chris Coles, the former head of leveraged finance at Barclays Capital, moving to Actis, the emerging markets manager.