Around 10 UBS UBSG.S Australia staff, including top banking...

Around 10 UBS UBSG.S Australia staff, including top banking analyst Jonathan Mott and top mining analyst Glyn Lawcock, have resigned from their multi-decade long positions at the Swiss investment bank, two sources with knowledge of the matter said.

Both Mott and Lawcock, have been hired by Barrenjoey Capital Partners, a startup partly owned by Barclays Plc BARC.L and Magellan Financial Group (MFG) , according to the Australia Financial Review, which first reported the moves.

Mott, who has worked as a banking analyst for UBS since 2002 according to his LinkedIn website, did not return Reuters messages seeking comment. Lawcock, a UBS veteran of about 20 years and one of only three mining companies analysts rated 5 out of 5 stars on Refinitiv Eikon, declined to comment.

Representatives for Barrenjoey and UBS in the Asia Pacific did not immediately return a request for comment. The sources declined to comment due to the sensitive nature of the situation.

The staff left on Monday after they received payment of deferred cash bonuses that had been made last week, one of the sources with knowledge of the situation told Reuters.

Most of the departures were in the research department and they will join Barrenjoey, the person said. A person in the equities business also resigned.

UBS, which has about 650 staff in Australia and New Zealand, including about 90 in equities excluding research, and about 130 in corporate finance, will seek to rehire or fill the positions internally, the second source said.

With funding from both Barclays and Magellan, Barrenjoey was formed last year by several former UBS staff including Matt Hanning, former UBS Asia Pacific investment banking operations head and Guy Fowler, who previously led corporate finance and equity capital markets in Australia.

Its establishment has shaken up the already competitive local investment banking scene, as it has poached several high profile staff from its rivals, including JPMorgan and UBS.