UBS completes portfolio trading rebuild
Swiss bank UBS has completed the rebuilding of one of its most profitable trading teams by recruiting a head of European sales from Citigroup, six months after four of its top traders left to join interdealer-broker Icap.
Oliver Hesse, formerly the head of portfolio trading at Citigroup, joined UBS this month as the bank’s head of European sales for portfolio trading.
Portfolio traders shift baskets of stock at a time for fund management and hedge fund clients, earning a commission for their work. Hesse, who worked in portfolio trading at Citigroup for two years, is UBS’ latest recruit in the area.
Phil Hodey, the former head of portfolio trading at UBS, left the Swiss bank in November last year and joined Icap in March. He was followed by his former team – executive directors Mike Duff, Andy Gill and Photis Kassianides – who quit UBS in March and joined Icap three months ago.
However, the Swiss bank has been rebuilding its team. In the past six months, it has promoted trader Mark Dormer to head of portfolio trading for UK clients, recruited Nigel Coleman from Credit Suisse Asset Management and transferred Vernon Willis from Sydney to London.
Hesse and Dormer report to Edward Keen and Makram Fares, the co-heads of sales trading, portfolio trading and flow derivatives, who, in turn, report to Philip Allison, UBS’ head of European equities trading execution.
Richard Semark, managing director, European client trading and execution at UBS, confirmed Hesse’s appointment and said: “We are pleased to have completed our move to rebuild the portfolio trading team and can now focus on meeting our clients’ needs.”
The move is the latest by a high-profile trader as Europe’s top brokers look to grow their equities teams to capitalise on the strengthening markets.
Citigroup did not return calls seeking comment.
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