UBS Principal Finance has hired Dev Sahai, an internal transfer from the UBS dealer side, as director in fixed-income rates and currencies.
The hire is part of the early workings of its new rates group and is expected to the first of several under Brendan Lavelle. He recently joined UBS' principal finance group as managing director in the interest-rate trading group from Morgan Stanley, where he was managing director in charge of interest-rate swaps and U.S. government trading (BW, 10/11).
Lavelle, who one salesman said is regarded as one of the best rates traders on Wall Street, is heading the charge for the new rates group at UBS' principal finance team, which has traditionally been focused on credit trading. A market participant said several outside hires are also currently in the works. Sahai and Lavelle did not return calls by press time.