Deutsche Bank’s global securities lending head joins UBS

One of Deutsche Bank’s top securities lending traders left in May to join UBS.

UBS has hired Deutsche Bank’s former global head of equities funding and securities lending, in a push to build out is US equity finance business.

Natalie Horton joined the Swiss-based bank in New York in May as head of Americas equity finance trading, The TRADE understands.

Horton had spent almost 15 years at the German bank, according to her Linkedin profile, where she rose through the ranks of Deutsche Bank’s prime finance business.

For seven years she served as North America head of synthetic equity trading, and in 2014 she was named global COO of prime finance. In 2015 she was appointed global head of equities funding and securities lending.

She rejoins Robert Karofsky, who left Deutsche Bank for UBS in 2015 as head of global equities.

UBS have attempted to fill the void in its US equities team following the departures of a number of high profile traders including Paul Jefferys, formerly global head of the central risk book, and Mark Holder, formerly global co-head of electronic trading for equities.

In May UBS hired Ryan Gould from Citi to replace Jefferys. Gould was previously head of equities systematic trading strategy at the US bank.

In Global Custodian’s 2016 prime brokerage survey, The TRADE’s sister publication, UBS fell short of its 2015 scores, specifically within operations, client service and securities lending.

One large US client described in the survey that UBS’s middle- and back-office were “understaffed”.

 A spokesperson for UBS could not be reached for comment at the time of print.