Hugh Evans, managing director and co-global head of credit derivatives trading at UBS Warburg in London, left the firm last week. He reported to Robert Wolf, co-global head of fixed income in Stamford, Conn. Wolf said Sal Nero, Evan's counterpart in the U.S., has become global head and the firm will hire a European head of credit derivatives in London. He added that the firm plans to hire a further five-10 sales, structuring and trading pros in its London office this year and is committed to the business.
Former colleagues said Evan's departure was inevitable. One said "[his] power had been reduced over the last six months, the writing was on the wall." Another added that Wolf and Evans had a personality clash and Wolf was responsible for pushing him out. However, Wolf denies there was a personality clash between the two of them and said he would have liked Evans to stay.
Officials familiar with the move said Evans has not taken another job. Evans could not be reached for comment. Nero did not return calls. Kris Kagel, spokesman at UBS in New York, declined comment.
