UBS and UK brokers continue fixed-income hiring spree
UBS and rival independent brokers Execution and Evolution are continuing their aggressive hiring of fixed-income staff, as banks either rebuild their depleted sales and trading teams or build capabilities from scratch to capitalise on bumper revenues.
UBS, which last month unveiled over 20 hires in its fixed-income, currencies and commodities division in the US and Europe, has hired a further six senior credit sales staff in London and Paris, three of which are dedicated to selling credit to hedge funds.
The development comes at the same time Execution, the independent UK broker, said that it has made seven new appointments in its agency credit division, launched last month, bringing its total hiring in that unit to 12 of 45 staff it plans to hire in 18 months.
Evolution has also hired a new head of debt capital markets. Morton Llewellyn, formerly head of high-yield within DCM at ING, will help launch the new business with Guy Cornelius, head of fixed-income at Evolution.
Investment banks and independent brokers have been on hiring sprees in the past year to boost their capabilities in credit and the broader fixed-income market, where bonds and derivatives are traded, in order to grab a bigger slice of bumper revenues enjoyed by the likes of Goldman Sachs and JP Morgan in 2009.
Bank of America Merrill Lynch, Morgan Stanley, Royal Bank of Scotland and HSBC among the large investment banks have also been hiring in fixed-income, as have a slew of new brokers and boutique banks.
Of the six new hires UBS has made, Michel Granchi is the most senior as managing director and senior credit hedge fund salesperson. He joins from RBS in London, where he held similar responsibilities. Before that Granchi worked at Société Générale.
The two other hires to the credit hedge fund sales team are Josh Gibbs and Eleanor Robb. Gibbs joins as executive director from FourWinds Capital Management, a specialist commodities investment firm, and Robb joins as a director from Bank of America Merrill Lynch.
The other three hires are Gregory Ducos who joins as a director of credit sales, France, from Credit Suisse; Marie Julie Vezinhet in credit sales, France; and Aarthi Sambasivan in Dutch credit sales from Calyon, where she worked in fixed-income credit flow sales.
Ducos and Vezinhet will be based in Paris, while the other four in London. They all report to Emmanuel Duclos, head of European credit sales at the Swiss investment bank.
A spokeswoman for UBS confirmed the appointments.
Meanwhile, Execution said it had hired Alex Narr to lead the German credit sales team from UBS, where he worked for nine years, and Sonny Sood as the investment grade product specialist on the credit team from Calyon, where he worked for five years.
Other hires to the sales team of the agency credit unit are Paolo Manca, formerly founding partner of hedge fund New Bond Street, who will cover Italian fixed-income clients; Ramon Varela, Dominic Smyth, Theresa Newell and Carwyn Butcher.
The latter four will cover Spanish and Portuguese clients, high-yield and distressed sales, hedge funds sales, and high-yield sales, respectively.
Execution’s agency credit business deals in high-grade debt, asset-backed securities, emerging market debt, as well as high-yield and distressed debt, and loans.
--write to dkerr@efinancialnews.com
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