UBS AG has hired former Bank of America Corp banker Mike Stewart as co-head of global equities and head of securities in the Americas, according to an internal memo on Friday.

Yassine Bouhara, who is currently in that role along with Francois Gouws, will become chief executive of emerging markets for the investment bank.

The newly created role parallels a similar position in wealth management that was created last year and is a move to further tap growing business opportunities in the emerging markets through an integrated banking effort.

In October last year, Paul Raphael was named the head of wealth management for the emerging markets.

Stewart's move comes as the Swiss bank aggressively hires to reverse a talent bleed from its investment bank, which has seen scores of bankers leave in the last few years.