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UBS To Expand CDO Research

UBS Warburg is planning to place a greater emphasis on structured credit research as part of its European credit effort, following a change in leadership. Andy Evans, previously a credit analyst at the firm, started earlier this month as head of European credit strategy in London. Immediately before the move Evans was working in the business side of Warburg's e-commerce division. He is a direct replacement for Derek Brawn, who starts at Dresdner Kleinwort Wasserstein as head of European credit strategy next month. Brawn confirmed the move, declining further comment. An official in DrKW's research department also declined comment.

Evans said the firm plans to broaden its recommendations to incorporate cash and synthetic collateralized debt obligations, reflecting these products move into the credit mainstream. "We're keen to introduce structured credit into our portfolios," he noted. As for the single-name default swap market, he said it will remain a part of the strategy calls.

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