UBS has hired James Perryman, a senior sales trader at Merrill Lynch, headhunters said last night. His exit comes amid a recruitment drive by the U.S. bank for its equity sales trading desk, they said.
Perryman is understood to have joined Merrill Lynch from Citigroup in 2005.
His departure follows the exit of others such as Nigel Fenn, another Merrill sales trader, who left for UBS last year.
Merrill Lynch confirmed that Perryman has left.
Mark Horlock, a consultant at search firm Alexander Mann, said: "UBS offers an excellent opportunity for the best sales traders to work on a strong execution platform. Declining margins, increasing regulation and evolving technologies have made the quality of overall equities execution increasingly important."
This week UBS ranked first for the fifth consecutive year in Institutional Investor's European research survey.
UBS did not return calls.