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Derivatives

UBS Global Co-Head Of Credit Departs

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. 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 and said Evans was not sacked.

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, said Wolf. 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.

Officials familiar with the move said Evans has not taken another job. Evans could not be reached for comment. Nero did not return calls.

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