Swiss investment bank UBS has appointed ex-Morgan Stanley executive Neal Shear as global head of securities to drive a more aligned approach across its equities and fixed income, currencies and commodities (FICC) businesses.
Shear spent most of his career at Morgan Stanley and was most recently co-head of sales and trading with responsibilities across equities and fixed income. He was also one of the founding members of the bank’s global commodities business.
UBS has also hired fellow Morgan Stanley banker Roberto Hoornweg as global head of securities distribution. Hoornweg spent 17 years at Morgan Stanley, most recently as head of global interest rates, credit and currencies. Prior to this role, he was responsible for the firm’s fixed income and foreign exchange emerging markets sales and trading business.
“Increasingly, clients are directing their business to firms who can service their multi-asset needs most effectively. We believe that by bringing our equities and FICC distribution teams more closely together under the leadership of Roberto, we can better leverage our world-class product delivery capabilities for our clients,” said Alex Wilmot-Sitwell, co-CEO of UBS Investment Bank, in a statement.
Following these appointments, UBS Investment Bank’s co-CEO Carsten Kengeter will relinquish his additional role as joint global head of FICC. Rajeev Misra, global head of credit, and Dimitri Psyllidis, global head of macro, will take on additional responsibility as joint global heads of FICC. Jeff Mayer will take on the new role of executive chairman of FICC. Shear, Hoornweg, Misra and Psyllidis will become members of the investment bank executive committee.
In addition, UBS has poached ex-Goldman Sachs executive Salvatore di Stasi as global head of corporate equity derivatives, reporting to Matthew Koder, global head of global capital markets, with an additional reporting line into Jason Barron, global head of equity derivatives.
Di Stasi was previously a partner and managing director in Goldman’s European financing group responsible for investment strategies and derivatives coverage of sovereign wealth funds globally, as well as leading the private finance and permanent capital teams.
Prior to this, di Stasi was with J.P. Morgan, overseeing a number of trading businesses, before being appointed European head of corporate equity derivatives in 2000.