UBS Investment Bank has appointed Stuart Hendel as global head of Prime Brokerage and Mitch Moore as Global Head of Exchange-Traded Derivatives (ETD). Both Mr. Hendel and Mr. Moore will report to Daniel Coleman, Global Head of Equities.
Mr. Hendel previously held the position of global head of Prime Brokerage at Morgan Stanley in New York. Mr. Moore joined UBS in 1992 and rejoins the firm following his departure last year. Most recently, until March 2008, he held the position of global chief operating officer for Equities and Fixed Income, Currencies & Commodities (FICC) at UBS. Mr. Hendel will be based in New York and Mr. Moore will be based in London.
Mr. Coleman said: “We consider prime brokerage a critical offering within our leading global equities business and a business we are strongly committed to. Since the onset of the financial crisis and dislocation in the markets, the hedge fund landscape and the needs of those clients have changed significantly. Stu’s long and respected track record running a global prime brokerage business and developing innovative solutions for this important client segment will serve to strengthen and grow our franchise.”
Over the coming years, the derivatives clearing business is likely to be the area of the securities industry that will see the most change, which will present an enormous potential for growth in new products. With more than a decade of experience in clearing businesses, Mitch has the background, seniority and caliber to grow this business into new areas and take advantage of these exciting opportunities, he added.
