Surprise! UBS has now hired a top Nomura swaps trader
As we have noted here and also here, UBS has lost quite a few rates traders. And as we have noted here, Nomura has lost many rates traders too. It is not unsurprising, then, that the rates traders lost from Nomura are congregating at UBS.
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The current congregation comprises two people. There is Kilian Frensch, who was Nomura's former head of European swaps trading and who arrived at UBS in mid-January. And now there is also Kunal Parekh, a senior GBP swaps trader at the Japanese bank, whom we understand is joining UBS this week.
UBS declined to comment on Parekh's new job. Maybe he will be doing the same thing, but if he feels like a change, UBS has plenty of vacancies - the Swiss bank has lost around eleven macro traders in the past year, including - most recently - Jonas Klink who was a favourite until not so long ago.
UBS's macro business is run by Shane O’Cuinn who once ran Credit Suisse's relatively diminutive business in the area. O'Cuinn once worked with Frensch at Credit Suisse. Pre-Nomura, Parekh worked for Deutsche Bank and TD Securities.
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