UBS Warburg has launched a European distressed debt effort to be coordinated through its London office. The firm has hired Martin Teevan, formerly a member of ING Barings' high-yield team in London, to spearhead the effort in the newly created position of director of distressed debt trading. Teevan will start out by trading names from the firm's high-yield book that have fallen into the distressed category, a firm official said. He reports to Jeff Horan and Drew Doscher, Stamford, Conn.-based co-heads of global distressed debt. Andrew Casswell, head of high-yield trading at ING says Teevan, who left the firm six months ago, will not be replaced.
UBS Launches European Distressed Debt Effort