A former head of global M&A at UBS is returning to the Swiss investment bank where he will be reunited with Andrea Orcel, the man charged with refocusing the business around a strong advisory service.

Piero Novelli started work today as chairman of global M&A at UBS, according to an internal memo sent to staff by Orcel, chief executive of UBS's investment bank, and seen by Financial News. He joins from Nomura, where he was global co-head of M&A.