UBS has combined its fixed income and credit businesses and is revamping structured products and commodities offerings to bring in more deal flow. Sal Naro, co-head of credit fixed income, and Chris Ryan, global head of syndicated finance, are assuming joint responsibility for the global fixed income business, which will be renamed credit fixed income. Ryan came over to UBS from Lehman Brothers in 1999 and then raided Lehman's leveraged loan desk, including David Juge to head loan syndications and Brendan Dillon to head loan sales. Firm officials said the reshuffle is to encourage bankers to bring in the most lucrative business for the firm, rather than for their own P&L. UBS watchers said Naro and Ryan have excellent pedigrees and are likely to bring complementary skills. Ryan's conservative attitude to risk is thought to be one of the reasons he has risen to the top at the cautious post-Long-Term Capital Management bank. One banker who has worked with Ryan described him as "The smartest guy in the business." Naro is renowned in the credit markets for being one of the most talented and ruthless credit traders in the U.S.
UBS Yokes Together Credit, Rates Teams To Bolster Flow
