Eric Rosen, the co-head of UBS AG (UBSN)’s fixed-income, currencies and commodities business for the Americas, is leaving the bank next month, about a year after he joined, to start a hedge fund.
Matthew Zola, who is now co-head with Rosen, will become sole head of the unit after the departure in September, according to a person familiar with the matter who asked not to be identified because it hasn’t been announced. Rosen, 42, who worked at JPMorgan Chase & Co. (JPM) from 1997 to 2010, didn’t return messages to his office or mobile phones. The Zurich-based firm has said it will reduce the fixed-income trading business, which will be less profitable under stricter capital rules.
Rosen plans to start a credit hedge fund, according to a person familiar with his plans.
UBS, Switzerland’s biggest lender, has been buffeted by departures at the investment bank and a $2.3 billion loss last year from unauthorized trading. Other executives who have left this year include Kaushik Amin, Jim Lanzilotti, Matias Santa Cruz, David Cannon and Stephen Chronert, the former head of high-yield bond and leveraged-loan sales in the U.S. who left earlier this month.
Megan Stinson, a UBS spokeswoman, declined to comment.
The exodus marks a turnaround for the bank, which hired more than 1,700 bankers between 2009 and 2011 to rebuild after more than $57 billion in writedowns and credit losses during the financial crisis. The investment bank division was shaken last year by the discovery of a $2.3 billion loss from unauthorized trading, which resulted in the departure of Chief Executive Officer Oswald Gruebel.
Rosen joined JPMorgan in 1997 and ran its North American credit trading until January 2010.