By Andrew Berlin
NEW YORK (Reuters) - Robert MacNaughton is joining UBS as managing director and head of high-yield trading, according to a source familiar with the matter.
MacNaughton has been hired out of retirement after a 15-year tenure at Credit Suisse (SIX:CSGN), where he most recently was head of distressed trading. In his new role, he will be in charge of expanding UBS's high-yield business in the US.
He is expected to start in mid-July and will report to Philip Olesen, head of global credit trading.
UBS has been actively building out its credit flow business in the US. Within the last year, it brought on Credit Suisse alum Barry Zamore as head of US loan trading, as well as Chad Hersch from Natixis as a loan trader and Doug Stuart from Citigroup (NYSE:C) as a loan salesman.
In September, the source said, Jeff Manton will join from Jefferies also as a loan salesman, while Gary Rapp, formerly of Goldman Sachs (NYSE:GS), will come on board as head of investment grade and LATAM credit trading.
UBS ranked 11th in high-yield deal volume as lead left bookrunner in 1Q17, with three deals totaling US$3.75bn, according to LPC data. The investment bank was 13th including joint-bookrunner roles with a total of 48 deals valued at US$6.44bn.
A spokesperson for UBS declined to comment. MacNaughton was not immediately available for comment.