Exotic structured products group at UBS falls victim to repositioning of investment bank

UBS Investment Bank is closing the exotic structured products business in its fixed income, commodities and currencies (FICC) division. As part of the restructuring, four senior managing directors have left the bank: Todd Morakis, head of commodities in London; Sascha Prinz and David Sacco, co-heads of rates, based in London and New York respectively; and Chris Ryan, head of credit, based in New York. The restructuring is the result of a review by Carsten Kengeter and Jeff Mayer, who joined the