• Arend Kapteyn to join UBS at securities unit on Aug. 1
  • Hire announced in memo to staff obtained by Bloomberg News

UBS Group AG hired Brevan Howard Asset Management LLP’s Arend Kapteyn as chief economist of its investment bank.

Kapteyn will join the Swiss lender on Aug. 1 in London and will report to global head of investment bank research Juan Luis Perez, according to an internal memo obtained by Bloomberg News. A spokesman for the bank confirmed the contents of the memo, while hedge fund manager Brevan Howard declined to comment.

The hire bucks a trend for traders and research professionals leaving investment banks to join hedge funds and asset managers, as lenders such as Royal Bank of Scotland Group Plc and Nomura Holdings Inc. shrink their securities units and research divisions.

Kapteyn’s move follows the departure of Larry Hatheway, who left UBS last year to join GAM Holding AG, the Swiss asset manager the bank used to own, as its chief economist. Kapteyn previously worked for the Dutch central bank, the International Monetary Fund and Deutsche Bank AG.

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