U.K.’s Exotix Said to Close Fixed-Income Trading Desk in Dubai

Exotix Partners LLP, the London-based bank expanding in frontier markets, closed its fixed-income trading desk in Dubai, two people with knowledge of the matter said.

Traders from the desk, which specialized in illiquid bonds and loans in the Gulf Cooperation Council region, have already left the bank, according to the people, who asked not to be identified because the matter is private. Equity research and operations remain in Dubai, they said. Andrew Leach, a spokesman for Exotix in London, declined to comment.

The closure comes a month after Philip Southwell stepped down as chief executive officer of Exotix in London. The bank’s Middle East and North Africa head Ahmad Alanani left in May. Alanani set up the Dubai office in 2010 and led a team of seven traders focusing on special credit and equity situations.

Exotix hired Morgan Stanley’s Fabrizio Ferrero in September as head of investment banking for Europe, the Middle East and Africa. It opened its first Africa office in Lagos in June and planned to cover 100 stocks on the continent by the end of the year to meet client demand as high growth rates lure investors.

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