Brendan Lavelle, managing director in charge of interest-rate swaps and U.S. government trading at Morgan Stanley, has joined UBS Principal Finance as managing director in the interest-rate trading group. UBS' principal finance group has historically been focused on credit trading but Lavelle is now charged with building a new interest-rate trading group, said a market participant familiar with his move. Lavelle, who is known as one of the best rates traders on Wall Street, declined comment. He reports to Ken Karl, managing director and global head of principal finance. Karl did not return a call by press time.
At Morgan Stanley, Lavelle reported to Jim Sandling, co-head of interest-rate trading. Michael Barletta, a swaps trader at Morgan Stanely, has replaced Lavelle, according to Mark Lake, spokesman.