UBS hires new head of Euro rates trading from hedge fund
UBS might be in the midst of a restructuring to downsize its investment bank (largely through making thousands redundant in its fixed income, currencies and commodities division), but it’s still willing to adopt its ‘grey hair’ recruitment spree to its trading division.
After a series of hires in its fixed income division, UBS has just brought in George Dramitinos as head of euro core rates trading. He joins from Prologue Capital, the fixed income focused hedge fund that primarily trades in government bonds and related markets, where he was a portfolio manager.
Before joining the hedge fund, Dramitinos held senior positions at both Goldman Sachs and Deutsche Bank. He was an interest rates derivatives trader at Goldman Sachs and was promoted to managing director in the class of 2009. However, he left less than two years later, joining Deutsche Bank as a managing director in September 2011.
Dramitinos is the latest new recruit in UBS’s rates business in recent weeks. John Wraith, ex-head of UK rates strategy at Bank of America Merrill Lynch, joined in October, as did George Johns, a director in rates sales, and James Chae, an inflation trader who joined from Deutsche Bank in September.
It has, however, lost a senior team member in Europe – Daniel Theurkauf, head of rates and credit for Germany and Austria, joined JPMorgan in earlier this month.
UBS has stated its desire to bring in ‘grey-haired’ bankers under its investment banking head Andrea Orcel, but most of these have been confined to its advisory business.