UBS Warburg

(UBS) - Get Report

said Sen. Phil Gramm will join the investment bank as vice chairman after his term expires.

Gramm, a Republican, is retiring from public life later this year after 24 years in Congress, including the last 18 years in the Senate representing Texas.

Gramm, 60 years old, has specialized in financial issues, and he co-authored legislation in 1999 that repealed a prohibition on companies offering banking, brokerage and insurance operations under one roof.

At UBS, Gramm will advise clients on corporate-finance issues from offices in Washington and New York.