UBS is combining its fixed income and credit businesses and revamping its structured products and commodities offerings. According to an internal memo, Sal Naro and Chris Ryan are assuming joint responsibility for the global fixed income business which will be renamed credit fixed income. In addition, Stephen Bell will head the flow credit trading business and report to Naro and Ryan, according to the memo penned by Michael Hutchins, head of fixed income, rates and commodities. Kris Kagel, spokesman, confirmed the move.
In addition, in an effort to boost cooperation between desks UBS has set up three cross-product groups. Ramesh Singh will head the structured fixed income group, which will consist of the structured components of the credit fixed income and rates groups. Mark Ritter will run a commodities group, which will include energy and precious metals and an emerging markets groups is in the works.
As part of this move, UBS has expanded its fixed income, rates and commodities executive committee to include Brian Harris, Suneel Kamlani, Naro, Ryan, Simeon Schwartz, David Shulman and Singh. The current members are Andy Amschwand, Ken Karl and Hutchins.
