UBS has set up an equity quantitative trading business in London and hired Mohamed Mughal, head of quantitative equity derivatives trading at Bear Stearns in London, to spearhead the effort. Mughal, who declined comment, joined earlier this month.
At UBS, he reports to Philip Allison, responsible for equity derivatives client and proprietary business. Allison declined comment.
Axel Langer, spokesman for UBS in London, declined comment and John Knight, spokesman for Bear Stearns in London, confirmed Mughal's departure.