New global head of credit at UBS

Rajeev Misra has joined UBS as global head of credit.

Previously, Misra was global head of credit and commodities at Deutsche Bank, a role he left in February to set up a special opportunities fund, in which the German bank was planning to invest.

He joined the Frankfurt-based firm from Merrill Lynch in 1997, and was influential in developing its global credit derivatives franchise across several asset classes, including emerging markets, investment grade, high yield and asset-backed securities. He also played a significant role in the merger of iBoxx and Trac-x, which ultimately formed iTraxx.

Having been lured back to the credit business, he will join UBS within the next four months. He will be based in London and will report to joint global heads of fixed income, currencies and commodities (FICC) Jeffrey Mayer and Carsten Kengeter. Kengeter has also recently been appointed co-chief executive of the investment bank.

The Swiss bank's credit derivatives team underwent a shake-up earlier this year after the firm made a net loss of Sfr20.9 billion for 2008, with the investment banking business taking the brunt of the blame, especially the FICC division, which lost Sfr3.1 billion.

Former global head of credit Chris Ryan left the firm in January alongside head of commodities Todd Morakis, and co-heads of rates Sascha Prinz and David Sacco.

Ryan has subsequently joined Moelis and Company - a New York-based investment bank providing financial and capital-raising advice for mergers, acquisitions and restructurings, founded by Kenneth Moelis, former president of UBS Investment Bank - as managing director.

See also: Further shake-ups at UBS investment banking
UBS credit derivatives head departs
UBS exits exotic structured products business in FICC
UBS admits Sfr20.9 billion loss for 2008
Misra departs Deutsche Bank