The Spanish M&A market is facing a talent squeeze following UBS Warburg's appointment of Francisco Sánchez Asiaín. Sánchez Asiaín left Merrill Lynch last week to join UBS, where he is to take up his position as co-chief executive and head of corporate finance in October.

Merrill will find locating a replacement for Sánchez Asiaín tricky, because there is a limited pool of Spanish experts to fill the position. UBS had been looking to replace Sánchez Asiaín's predecessor, Jorge Calvet, since he resigned last October. Deutsche Bank is also said to be seeking to fill a similar position.