UBS Investment Bank has appointed Stuart Hendel as global head of prime brokerage and Mitch Moore as global head of exchange-traded derivatives.
Both Hendel and Moore will report to Daniel Coleman, global head of equities.
Hendel, 50, previously held the position of global head of prime brokerage at Morgan Stanley in New York. From 2004 through 2007, he served as chief operating officer of Eton Park Capital Management. Prior to joining Eton Park, Hendel was US head of prime brokerage at Morgan Stanley.
'We consider prime brokerage a critical offering within our leading global Equities business and a business we are strongly committed to,' says Coleman. 'Since the onset of the financial crisis and dislocation in the markets, the hedge fund landscape and the needs of those clients have changed significantly. Stu's long and respected track record running a global prime brokerage business and developing innovative solutions for this important client segment will serve to strengthen and grow our franchise.'
Moore, 46, joined UBS in 1992 and rejoins the firm following his departure last year. He previously ran the ETD business for UBS and its predecessor firm, Union Bank of Switzerland. Most recently, until March 2008, he held the position of global chief operating officer for equities and fixed income, currencies and commodities at UBS. Moore has also held other senior positions at the firm, including global head of prime brokerage and global head of convertible sales.
"Over the coming years, the derivatives clearing business is likely to be the area of the securities industry that will see the most change, which will present an enormous potential for growth in new products," says Coleman. "With more than a decade of experience in clearing businesses, Mitch has the background, seniority and caliber to grow this business into new areas and take advantage of these exciting opportunities."
Both appointments are effective 1 September 2009. Hendel will be based in New York and Moore will be based in London.