Amid expectations of more big deals in the energy sector, James Metcalfe, the head of power mergers and acquisitions at Lehman Brothers, is leaving the firm to become global head of power banking at UBS.

Mr Metcalfe, who was among the bankers advising Kohlberg Kravis Roberts and Texas Pacific Group in their $45 billion buyout of the Texas utility TXU, will join UBS in its New York office, where he will take the role of the currently held by Walter Hulse, UBS said. Mr Hulse will become vice chairman of UBS’s investment banking department.

Large power companies have increasingly been looking abroad for merger partners, and with its newest hire, UBS may hope to advise on more of these cross-border deals. On Monday, the Spanish power company Iberdrola agreed to buy Energy East, a utility owner based in Maine, for $4.5 billion in cash.

In addition, February’s offer to take TXU private set off a flurry of speculation that other energy-related buyouts that might follow. Private equity firms had traditionally shied away from buying regulated utilities, which can draw scrutiny from lawmakers, regulators and consumer groups.

The TXU deal has encountered its share of obstacles, including the threat of state legislation that would have derailed it. The transaction still awaits approval from TXU’s shareholders.

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