A UBS fixed-income cohead is planning to leave the firm next month, a representative confirmed.
Eric Rosen, who serves as co-head of UBS’s fixed income business for the Americas, is departing the investment bank to reportedly launch a hedge fund.
The group’s other co-head, Matthew Zola, will lead the group on his own after Rosen’s departure.
Rosen will be leaving the firm a little more than a year after joining the firm in May 2011.
Prior to UBS, he led the North American credit trading group for JPMorgan, leaving that position in January 2010. He joined JPMorgan in 1997 and oversaw loan trading until 2004, when he was promoted to also run bonds and credit-default swaps. Prior to JPMorgan, Rosen was at Bank of America.
UBS hired more than 1,700 bankers to help rebuild the investment bank between 2009 and 2011, but the Zurich-based bank announced in August 2011 that it would reduce its staff by approximately 3,500.
Late last month, UBS said its 2Q12 profits dropped 58%, largely on investment banking losses.