UBS hired some more new rates traders. They are quite junior
As we have observed here and here, UBS has lost a few people from its EMEA rates trading team, many of them quite senior. It is also hiring some new ones, many of them quite junior.
UBS isn't commenting but the Swiss bank is understood to have made two new recruits for its team.
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They are Ninia Houdmond, an associate euro swaps trader from HSBC in Paris. And Philip Christiansen, a junior euro swaps trader from Danske Bank in Copenhagen.
Houdmond is thought to be starting in Paris in the next few weeks. Christiansen is relocating to London. Houdmond joined HSBC as an intern in 2021; Christiansen joined Danske as a first year analyst at the same time.
In March, UBS was advertising two junior rates jobs based in its Paris office.
Following the departure of senior traders like Jonas Klink (enroute to hedge fund Brevan Howard), Mark Samarasinghe (now at Deutsche Bank) and George Dramitinos (whereabouts unknown), UBS might want some new senior traders too.
It already has a new head of the team. We understand that Kilian Frensch, whom the bank hired from Nomura and who arrived in mid-January, has assumed Klink's role running the euro swaps desk, inflation and SSA trading. Klink already hired former Nomura colleague Kunal Parekh in March.
Following the departure of Mark Tinworth for RBC last year, UBS's macro business overall is now run by Shane O’Cuinn, who came from Credit Suisse. Many of those who left the bank did so following O'Cuinn's promotion. Some have questioned UBS's commitment to the capital hungry macro business.
UBS may, equally, have been burned by its generosity to traders who subsequently resigned. Klink, for example, is understood to have joined after a bidding war that resulted in a guaranteed bonus of up to $3.5m. Other senior traders who left last year are also thought to have been paid well to join, before disappearing after guarantees lapsed.
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