Dan Brereton, head auto trader at UBS, has resigned and will be joining BNP Paribas in New York in a senior role. His move comes shortly after Mark Alexandridis, head of U.S. credit trading in New York at BNP Paribas, left the firm. It is unclear whether Brereton will assume Alexandridis' former role or another position at the firm. And Brereton, who market participants say has an excellent reputation as a trader, declined comment when reached on his cell phone.
The specifics of Brereton's new role could not be determined. Melissa Gallo, spokeswoman for BNP Paribas, was unable to comment by press time and Len Jardine, head of credit sales in New York, did not return calls. In addition to the said changes at BNP Paribas, Eric Dumas, global head of flow credit trading, is in the process of relocating from London to New York, according to a market participant. It could not be determined by press time if these moves are connected and part of a broader reorganization or if they are uncorrelated.
Calls to UBS were referred to Kris Kagel, spokesman, who confirmed the departure of Brereton but declined further comment. He had reported to Michael Morris, head of UBS' investment grade credit desk.
Brereton's departure is the latest of a number of exits from UBS' credit desk in recent months. The firm earlier this year merged its global credit and fixed income businesses into its credit fixed-income division and several senior departures followed, led by that of Sal Naro, co-head of credit fixed-income, who left the firm to start credit fund Sailfish Capital with SAC Capital Advisors' Mark Fishman (BW, 3/7).
On the structured credit side, Jeff Herlyn and Mike Rosenberg, heads of UBS' global collateralized debt effort, also left to start an alternative investment fund (BW, 3/14).
