The co-founder of UBS's financial sponsors division in Europe, the Middle East and Africa – which advised on some of the most high-profile boom-time deals – is leaving.

Christian Hess will depart after 16 years to pursue new opportunities, according to a report in sister publication Private Equity News that cited two people familiar with the matter. A memo detailing Hess' decision was sent to staff on February 15 and he expected to be on gardening leave until at least April.