UBS has hired Bob Feldman, an asset-backed banker from Morgan Stanley, and Jack Xu, a mortgage-backed trader from Fimat USA. Both join as directors, with Feldman working in New York and Xu planning to relocate to Hong Kong, according to Kris Kagel, a spokesman. He added that Feldman will head up origination efforts for prime auto loan- and credit card-backed securitizations. Feldman, who did not return a call, reports to Shahid Quraishi, managing director and head of the asset-backed business at UBS in New York. Mark Lake, spokesman for Morgan Stanley, did not return a call by press time regarding Feldman's departure.
Xu, meanwhile, will relocate from New York to Hong Kong as a product manager for investors in Asia ex-Japan, in a new role where he will sell mortgage- and asset-backed securities to Asian investors. He reports to Ramesh Singh, managing director and co-head of global rates. Patrick Downes, managing director in the securitized product group at Fimat, did not return a call.