Dillon Read Capital Management, the alternative investment business of UBS, has surprised the market by hiring JPMorgan's global head of equity proprietary trading. As first reported on DW's Web site, Aziz Nahas told DW he will join Dillon Read as global head of equities, reporting to John Costas, ceo.
The move was unexpected because little is known about Dillon Read, which has yet to open its doors to investors, and Nahas had been at JPMorgan just shy of two years, with only about a year as global head. Dillon Read had reportedly been looking to hire an equities head since launch and had eyed other equity derivative bosses on the Street, but Nahas had not previously been connected with the firm. His hire will have come at a price--he was listed last summer in Trader Monthly's 100 highest-earning Wall Street and bank traders, with an estimated income of USD10-15 million.
A call to Costas was transferred to UBS' marketing group, which did not return a message. Details of Nahas' role at Dillon Read could not be determined and he referred further questions to Costas.
Sarah Oppler, spokeswoman for JPMorgan, did not comment on a replacement for Nahas by press time.
