UBS hires former EU Commissioner to advise on Brexit

UBS has hired the former European Commissioner Jonathan Hill to help advise its corporate clients on Brexit, making the UK politician the latest to make the leap to the City.

Lord Hill has been brought on as a senior adviser for the Swiss lender's corporate client department, which covers topics including mergers and acquisitions, capital markets and restructuring.

An internal memo described the former Commissioner as "one of the few people who can interpret politics in both the EU and the UK at a moment when businesses around the world are keen to know what recent developments might mean for them".

Mr Hill served as the European Commissioner for Financial Stability, Financial Services and Capital Markets Union until July 2016, during which he was responsible for financial regulation across the bloc as well as the development of a European capital markets union meant to ramp up the flow of investment capital.

That followed his time as leader of the House of Lords and preceded his launch of Prosperity UK, an organisation meant to bring together business leaders from both the Leave and Remain sides of the Brexit debate.

The hire makes Lord Hill the latest to make the move from politics to the City.

Former prime minister Tony Blair earned what is thought to be hundreds of thousands of pounds in taking an advisory role at JP Morgan after quitting Downing Street.

Former foreign secretary William Hague joined Citigroup as an adviser, and it was announced last year former chancellor of the exchequer George Osborne was joining BlackRock - also as a senior adviser.

The UBS note - circulated by Javier Oficialdegui, head of UBS Investment Bank's corporate client solutions (CCS) for Europe, the Middle East and Africa - said the bank was "really pleased to have someone with Lord Hill's record and standing in Europe to join the firm".

"His experience in both Brussels and the UK means he is able to speak with authority on the challenges and opportunities for business arising from recent political and economic developments in Europe.

"That in turn means we will be able to offer richer advice in relation to Brexit and the wider political and economic environment to our CCS clients."