UBS reinforces FICC division
UBS has hired 17 people for its fixed-income, currency and commodities (FICC) division, which has been a main contributor to the bank's losses in recent quarters.
Dimitri Psyllidis has joined as global head of macro in the firm's FICC division, which is structured into three broad business categories: macro, credit and workout. He will have global responsibility for foreign exchange and rates trading.
Previously, Psyllidis was European co-head of FICC and a member of the European executive management committee at Merrill Lynch, where he spent 12 years. He will be based in London and report to Carsten Kengeter and Jeffrey Mayer, global heads of FICC.
The bank's Stamford-based credit division, headed by Sean Dowd, head of US credit trading, was also bolstered with new hires. Anatoly Nakum joined as head of investment-grade trading from Barclays Capital, where he was head of US high-grade and crossover-flow credit trading. He was accompanied by former colleague Nahil Bayrasli, a credit default swap (CDS) trader, who has been appointed to the flow CDS business, and Dan Brereton, who has been appointed head of high-yield trading. Brereton joins from BNP Paribas, where he was head of credit flow trading for the US.
The bank's recently named head of credit, Rajeev Misra, has been named co-head of emerging markets, alongside the existing head, Ritesh Dutta. Jim Lanzilotti has been appointed head of Latin American forex and rates from SAC Capital Advisors, were he was a portfolio manager until December 2008. Meanwhile, Drew Dragoumis will assume the leadership of the firms' Latin American credit and sovereign trading.
Elsewhere, Ashish Vaidya has joined as head of FICC trading in Mumbai from HDFC Bank, where he was head of interest rate trading. In Asia, the firm has hired Andreas Fugman from JP Morgan to the emerging markets structured rates team, as well as Anthony Chuah in emerging markets rates trading from Standard Chartered, where he was a director in the forex business. Daniel Brader has joined from Dresdner Bank to the emerging markets forex options trading team.
Elsewhere in the FICC division, Bobby Gerjarusak has joined the firm as head of FICC structuring for the Asia-Pacific region. He joined from Goldman Sachs, where he head of rates and forex structuring.
The bank also added to its FICC distribution team, appointing Andrew Crowston and Pablo Terpolilli from Goldman Sachs to the leveraged finance sales team in London. In addition, Steve Murphy has joined from Deutsche Bank as head of the UK rates business for real-money clients.
Oliver Chappell has joined from Morgan Stanley, where he was head of German financial institutions, as co-head of FICC for Germany. Mark Fox has transferred from the wealth management division at UBS to head up emerging markets distribution for Europe, the Middle East and Africa.
On August 4, UBS announced its third successive quarterly loss, recording a Sfr1.4 billion ($1.32 billion) loss attributable to shareholders for the second quarter. The investment bank recorded a pre-tax loss of Sfr1.85 billion, with Sfr59 million coming from FICC. However, this was reduced from the first-quarter losses of Sfr1.97 billion due to lower losses on risk positions from exited businesses.
The Swiss bank's FICC division underwent a shake-up earlier this year after making a net loss of Sfr20.9 billion for 2008, of which Sfr3.17 billion was contributed by the FICC business. High-profile figures within the business exited the firm, including former global head of credit Chris Ryan, head of commodities Todd Morakis, and co-heads of rates Sascha Prinz and David Sacco.
See also: New global head of credit at UBS
Further shake-ups at UBS investment banking
UBS replaces head of investment banking
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on People
People: Citi snags Raghavan, SocGen bags Estrada, all change at NYCB, and more
Latest job changes across the industry
Kane to leave Citadel Securities for senior Miax role
Options exchange has been on a four-year acquisition spree
Asia moves: senior hires at Millennium, Citi, SMBC and more
Latest job news from across the industry
Ken Pang set to join Millennium as Asia equities head
Former Credit Suisse markets co-head joins hedge fund’s Hong Kong office
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
People: UBS rejigs EQD, risk head departs; Rustad joins buy side, and more
Latest job changes across the industry
Rustad re-emerges at Taula Capital
Former JP Morgan clearing head to help prepare for Q2 fund launch
UBS to lose group banking book risk manager
Senior risk manager of Swiss banks’ combined banking books to leave for new opportunities
Most read
- As FCMs dwindle, regulators fear systemic risk
- Top 10 operational risks for 2024
- Top 10 op risks: AI fears drive cyber risk to record high