UBS Warburg has hired Grant Lovett, head of credit derivatives at Barclays Capital in London, and Jerry Wong, synthetic collateralized debt obligation structurer at Schroder Salomon Smith Barney in London, in senior credit positions. Lovett will be a senior trader responsible for growing the credit-default swap and convertible bond arbitrage businesses and Wong will by a senior credit derivatives structurer. Both will report to Sal Naro, global head of credit derivatives in Stamford, Conn. Naro confirmed the hires but declined further comment.
The firm plans to hire 10 credit derivatives traders and sales staff for the London office, according to an official familiar with the situation. The official said, "we are a preeminent cash business and we need to be a preeminent derivatives house."
The hires come after Hugh Evans, global co-head of credit derivatives in London, resigned earlier this month. However, the hires are not a direct replacement for Evans, according to the official. Naro is now the global head and the firm is undecided weather to promote or recruit a European head to replace Evans. It will make the decision depending on the growth of the department and the evolution of senior staff.
At Salomon Wong reported to Chris Carman, head of synthetic securitization in London. Carman said the firm is in the process of hiring and will replace Wong. He declined comment on how many professionals the firm plans to hire. Lucy Hedges, spokeswomen at Barclays Capital in London, did not return calls.
