UBS has hired Pierre Vermaak for its newly formed FRC team. Vermaak is a former quantitative analyst who served inside Barclays’ fixed income, currencies and commodities unit, according to news reports this week.
eFinacialNews reports that Vermaak replaces Thomas Klocker, former head of algorithmic trading for fixed income, currencies and commodities at UBS, but left to join Bank of America Merrill Lynch in June as its global head of e-trading strategy for FICC. Vermaak will report to Chris Purves, global head of electronic trading for FX, rates and credit at UBS, according to news reports.
In further proof that capital markets is a small world, Purves and Vermaak worked together inside Barclays, where Purves served as managing director with a mandate to shore up the UK financial entity’s FX algo trading squad.
