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Banking

UBS management upheaval spreads to foreign exchange

Athanasopoulos adds to responsibilities as two FX stalwarts set to leave firm

The future of two of the stalwarts of UBS’s foreign exchange business is in doubt as the Swiss bank continues the overhaul of its securities division within its investment bank.

Euromoney understands that Arie Adler, the global co-head of foreign exchange, is no longer in that role and is expected to leave the firm. His co-head, Chris Vogelgesang, remains in place. George Athanasopoulos, the global head of FX distribution, also assumes Adler’s old role.

Adler took on his global FX role in 2009 while also running FICC in Asia. He relocated to the US in early 2010.

Another architect of UBS’s consistently top-three position in Euromoney’s global FX rankings is also on the point of leaving the firm, Euromoney understands.

Fabian Shey has worked for 20 years at UBS and Swiss Bank Corp, becoming global head of FX distribution in 2004 and co-head of foreign exchange and money markets in 2007. In 2009 he took on a new role as global head of FICC distribution, relocating to the US. In July last year, he was given a new role as global head of securities client scalability, which moved him away from his traditional institutional focus to a position designed to migrate smaller clients to the middle-market function.

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