NEW YORK - UBS Securities Inc. hired Mark Ellman as a managing director in the financial institutions group in charge of the insurance sector.

Mr. Ellman previously was at Morgan Stanley & Co.

He will join a newly formed financial institutions group at UBS, most of which was hired away from Salomon Brothers earlier this year.

"The addition of Mark to our investment banking team reasserts UBS Securities' commitment to its strategy to serve the full spectrum of institutions within the financial services industry," said Richard Barrett, head of the group.

UBS Securities is the investment banking subsidiary of Union Bank of Switzerland.

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