SocGen Hires UBS’s Borst to Trade Corporate Bonds in New York
Borst started at France’s second-largest bank on Sept. 9 in New York, and will report to Fran Mulvey, head of credit trading in the U.S., according to Jim Galvin, a spokesman for the Paris-based bank. Borst left UBS after 16 months with the lender, according to Financial Industry Regulatory Authority records. He previously worked at Bear Stearns Cos. and JPMorgan Chase & Co., the records show.
Borst and Megan Stinson, a spokeswoman for Zurich-based UBS, declined to comment.
Societe Generale’s profit more than doubled in the second quarter, helped by a surge in corporate and investment-banking revenue. Led by Chief Executive Officer Frederic Oudea, the bank is selling assets and has cut hundreds of jobs in investment banking to comply with stricter capital rules designed to ensure the financial crisis of 2008 is not repeated.
Trading in fixed-income, currencies and commodities saw “growing demand from retail and institutional clients on structured products,” the bank said.
Societe Generale has climbed to 24th in managing high-yield bond sales in the U.S. this year, up from 36th last year, according to data compiled by Bloomberg. Speculative-grade borrowers, rated below Baa3 by Moody’s Investors Service and lower than BBB- at Standard & Poor’s, have sold $253 billion of the notes this year, 21 percent more than during the same period in 2012, when a record $357.3 billion of the debt was issued.
BNP Paribas SA is France’s largest bank.
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