Jan. 29 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, said it will relocate its equity derivatives trading team from Tokyo to Hong Kong.
The brokerage has begun moving the traders, according to spokeswoman Eiko Noda, who declined to specify the number of people affected or when the move will be completed. Separately, Tokyo-based communications and IT services analyst Kohei Kajimoto has left the investment bank, Noda said.
“Centralization of this effort in a single place will allow us to deliver higher quality service to our clients across Asia Pacific, including in Japan,” Trevor Hill, head of Japanese equities for UBS Securities Japan Co., said in an e-mail today. “We continue to be active in all equity and equity-aligned derivatives products on behalf of clients.”
UBS said last year that it was “reshaping” to meet the needs of the market. The investment bank is cutting 30 fixed-income positions in Japan, two people with knowledge of the matter said in October. UBS had 768 employees in Japan as of March 31, down from 868 a year earlier, according to a filing with the Financial Services Agency.
Calls and an e-mail to Kajimoto went unanswered.
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