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Capital Markets

Old guard out as UBS revamps FX team

Departures follow senior investment bank changes; Former Barclays team now in control

The overhaul of UBS’s securities business gathered pace in March as two of the stalwarts of the Swiss bank’s foreign exchange business left the firm.

Arie Adler lost his position as global co-head of foreign exchange. His co-head, Chris Vogelgesang, remains in place. George ­Athanasopoulos, the global head of FX distribution, additionally assumes Adler’s old role.

Adler took on his global FX job 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 leaving the firm.

Shey away

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. He was also a member of the Federal Reserve Bank of New York’s Foreign Exchange Committee.

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