In an attempt to rebuild its trading and sales team and recapture profits, the troubled Swiss bank, UBS has hired as many as 20 senior prefessionals for its fixed-income, currencies and commodities division (FICC) – reported Wall Street Journal.
The FICC division will be led by former European co-head of FICC at Merrill Lynch. In an internal memo to staff, Carsten Kengeter and Jeff Mayer, global co-heads of FICC, said that Dimitri Psyllidis has been appointed as global head of macro group in London along with a series of hires across credit, emerging markets and distribution areas. He will report to Mr. Kengeter and Mr. Mayer and will be responsible for all foreign exchange and interest rate trading globally.
The memo added that Bobby Gerjarusak had joined UBS in Hong Kong from Goldman Sachs to head FICC structuring in Asia Pacific. In credit, it has hired Anatoly Nakum as head of investment grade trading; Dan Brereton as head high-yield trading; Nahil Bayrasli as a flow credit default swap trader; Jeff Cahoon to trade telecom credit; and Todd Corsair as a credit analyst, reported the newspaper. All of them will report to Sean Dowd, head of flow credit sales and trading in the US
In emerging markets, UBS has also hired Jim Lanzilotti as head of Latin American foreign exchange and interest rates. In addition, Allan Grauer is joining UBS as a senior Latin American sovereigns trader and Ashish Vaidya joins fas head of FICC trading in Mumbai. In Asia, Andreas Fugman joins emerging market structured interest rates; Anthony Chuah joins emerging market interest rates trading; Daniel Brader joins emerging market FX option trading; and Siddarth Mathur joins emerging market interest rates strategist. Within FICC distribution, UBS hired Andrew Crowston and Pablo Terpolilli fto work across leveraged finance sales, and Steve Murphy to run UBS’ UK rates real money clients. Further, Oliver Chappell joins as co-head of FICC, Germany and Mark Fox returns to run emerging market distribution for the EMEA region in London, reported the newspaper.
Mr. Kengeter and Mr. Mayer said: Our strategic goal is to become a leading FICC franchise as measured by profitability, client ranking and market share. These changes and appointments, along with others that will follow, represent a key step along the road to achieving this goal.
