FX: UBS sets up new prop shop
In another clear signal that it intends to build on its huge FX business, UBS has hired market veteran Dave Tait as its global head of proprietary trading. Tait had a long and successful career on the sell side, including stints at Goldman Sachs and CSFB, before moving into the then fledgling hedge fund industry several years ago. He initially worked at Bluecrest, before joining the ill-fated Peloton Partners. Until he was lured back to the sell side by UBS, he was trading at Citadel.
Tait, who will report to Carsten Kengeter and Dimitri Psyllidis, has been charged with building up a global team of as many as 15 proven traders – apparently no "shrinking violets" should apply. The bank is believed to be keen to leverage on the huge FX flow it sees, so the initial focus will be on currency trading, although traders will also be allowed to put positions on in other assets.