UBS replaces global head of fixed income

Esteves was formerly chairman and chief executive of the bank’s Latin American business, UBS Pactual, based in Brazil. He was also managing partner at the firm prior to its takeover by the Swiss bank in 2006.

In his new role he relocates to London. He remains on the group’s managing board and reports to Huw Jenkins, chairman and chief executive of the investment bank. He also retains responsibility for UBS Pactual.

Bunce, who had held the post since 2005, has left to pursue other opportunities, according to UBS.

His resignation follows that of chief executive Peter Wuffli in July. Wuffli was replaced by Marcel Rohner, as the group’s board decided not to follow a succession plan under which Wuffli was to be made chairman. The closure of New York-based hedge fund unit Dillon Read Capital Management in May is believed to have helped trigger the move. The fund, which was set up in 2005, suffered losses stemming from the US subprime mortgage market.

See also: Rohner crowned UBS chief amid boardroom disagreement