The Swiss bank has set up a new global team called Equity Electronic Agency Trading, which will be co-led by Laurent Combalot and former FN Rising Star Chris McConville, according to people familiar with the matter.
As global co-heads of EEAT, Hong Kong-based Combalot and London-based McConville will report to Gary Head, global head of cash.
Combalot was previously global co-head of electronic trading for equities, while McConville was head of electronic trading for Europe, the Middle East and Africa.
The move follows the departure of Mark Holder, UBS’s global co-head of electronic trading for equities, in early July. Holder left UBS to join Ken Griffin’s investment group Citadel. He had been part of a star group of UBS traders that helped grow the Swiss bank’s equities business into one of the largest in Europe.
UBS was the fifth-most active broker on behalf of clients in equities in Europe during the first half of the year, according to data provider IHS Markit. The bank traded €625 billion worth of equities for its clients between January and June 2016.
The new unit brings the bank’s electronic equities services under one umbrella in a bid to create a more consistent offering, the people said. It will house Quant HQ, the bank’s quantitative trading unit, and SwapDirect, a platform for algorithmic trading of US equity swaps – as well as trading of exchange-traded derivatives.
As part of the move, the bank has appointed Richard Webb as head of Emea electronic trading, replacing McConville, the people said. It has also named Sanji Shivalingam as global head of EEAT technology and algos and analytics, reporting into Combalot and McConville.