UBS has moved its private bank flow desk to London from Switzerland to create a central hub for equity derivative sales. There is a trend to move toward a product-specific sales force rather than using market sector or country specific salesmen, noted one market official, who suggested this could be the direction UBS is taking.
The London-based sales group, comprising around 20 salesmen, is now an integrated options sales trading force covering institutions across the market, according to Stephen Fulford, head of flow sales in London. The three traders who made up the Swiss private bank sales desk have already moved to London and are in the process of registering with U.K. regulator, the Financial Services Authority, added Fulford.
