UBS hires junk-debt traders Chang, Raman from Morgan Stanley

New York

UBS Group AG hired traders Jeff Chang and Vivek Raman from Morgan Stanley as Switzerland's biggest bank bolsters its junk-debt trading business in the US.

Mr Chang and Mr Raman left Morgan Stanley last Friday and will start at UBS in October and September, respectively, according to people with knowledge of the matter. Mr Chang is joining as an executive director overseeing US high-yield corporate bond trading in New York, reporting to Philip Olesen, who heads credit trading globally. Mr Raman joins as a director.