UBS puts rates, credit alongside FX in new unit

LONDON (Reuters) - Swiss bank UBS AG (VTX:UBSN) has reorganised part of its investment bank to put its rates and credit businesses alongside foreign exchange trading.

A memo sent by the bank last week and seen by Reuters said a new FRC (FX, rates, credit) unit will be co-headed by Chris Murphy and George Athanasopoulos. Murphy was head of rates and credit and Athanasopoulos was co-head of foreign exchange.

Chris Vogelgesang, who was co-head of FX and precious metals, will move to another role in the bank, the memo said.

UBS has been shrinking its investment bank and retreating from fixed income and the memo said the latest change follows on from that reorganisation.

"The integration is not a change in strategy, rather a natural evolution of what we are trying to achieve between the development phases of the 'Accelerate' strategy," the memo said.

(Reporting by Steve Slater)