UBS launched a new series of senior management job cuts within its securities unit as it gets out of real estate, securitization and "exotic" structured products, according to an internal memo. The memo, dated Jan. 21, outlined that bankers Todd Morakis, Sascha Prinz, David Sacco and Chris Ryan will depart UBS, which is also getting out of the municipal bonds and proprietary trading, as well as all commodities businesses except for precious metals. UBS will consolidate its existing financial products under a new macro, credit and workout group. Carsten Kengeter and Jeff Mayer, global co-heads of fixed income, currencies and commodities, will oversee the credit business, while emerging markets will be headed by Ritesh Dutta and subsumed into the macro group. UBS said that Roberto Isolani and Fabian Shey will co-head the firm's global sales effort organized under client services, whereas its quant analysis and research group will be managed by Steve Dugdale.
Oak Hill Advisors hired Christine Daley as managing director in its investment team focusing on the stressed and distressed credit markets. Daley was previously managing director at Lehman Brothers, where she co-managed the distressed debt and special situations proprietary desk, was head of distressed debt research, and was co-head of high yield research. Daley has been investing in distressed since 1991. She joined Bear Stearns as a senior analyst in the high yield and bankruptcy department and worked there until 1993. From 1993 to 1995, she was senior vice president of distressed at Lehman Brothers. She rejoined Bear Stearns in 1995 and was co-head of distressed research until 1997. Before returning to Lehman Brothers in 1999, she was as an executive director of UBS and a portfolio manager for an internal credit hedge fund there.