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FOREIGN EXCHANGE

People moves: UBS names new head of FICC

UBS has hired Carsten Kengeter as its new global head, fixed income, currencies and commodities (FICC) within its investment bank. Kengeter, who will join UBS from Goldman Sachs, relocating from Hong Kong to London, is the replacement for André Esteves, who quit the bank earlier in the year. He will report to Jerker Johansson, the chairman and chief executive of UBS Investment Bank, who had also been acting as an interim head of FICC. Kengeter will also join the investment bank's executive committee and the UBS Group's managing board.

“Carsten is a high-calibre leader who brings broad geographic and product expertise to the firm as well as a depth of experience and skill-set which greatly complements our FICC management team," says Johansson. “We will continue to build on our bench of senior talent as we move towards our goal of strengthening our fixed income business and getting all our FICC businesses back on the road to profitability and competitiveness.”

The bank’s co-heads of FX and money markets, Fabian Shay and Reto Stadelmann, will report to Kengeter when he joins in early 2009. Until then, Johansson will continue to manage the FICC business on an interim basis.