Does this mean UBS is going to be hiring soon in equity derivatives?

Following the departure of Daniel Coleman earlier this year, UBS finally rustled up some new heads of its equities business this week.

In future, UBS equities will be jointly run by Yassine Bouhara, Deutsche Bank's former global head of structuring and head of global markets EMEA, and Francois Gouws, who's been with UBS for 15 years and is currently head of equities for EMEA and global head of cash equities.

According to every single equity derivatives headhunter we've spoken to, the recruitment of Bouhara is a sure sign that UBS will be seeking to hire for its equity derivatives business; probably from Deutsche Bank.

"Without a doubt, this is going to lead to equity derivatives hiring at UBS," says one. "Compared to cash equities, they've never really had a good equity derivatives platform."

"UBS's equity derivatives business has never been particularly strong," says another. "Yassine will want to hire."

UBS has already shown signs of boosting its equity derivatives franchise: last month it hired Axel Kilian from Nomura to run global equity derivatives distribution.

Bouhara is going to be based in Stamford Connecticut and won't arrive at UBS until the end of the summer. This could give Deutsche breathing space: UBS may decide not to buy out bonuses so late in the year, meaning it may be 2Q11 before anyone follows Bouhara out the door.